Morning Post, SPX, S&P 500, e-mini

Not sure how long the market can continue to praise -435k job losses as a victory (especially when you know they will be revised). This is the 42nd downward revision in 2010, out of 44. The 99ers are going to be dropping like flies soon and when they hit the streets the brutality of reality will shine, and the raw fact that our government has failed at doing anything to assist anyone other than the banks will be more prevalent than ever.

Economic Calendar -  Really quiet week for data. Thursday is Vetrans Day. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today. The next schedule will be released today at 2:00.

Shanky's Dark Side - Where I call all the intraday action.

Minis reaction to the jobs number was delayed as the initial call was greeted by a pop then drop and about 10m later the PPT came in and ran price thru the 1212 resistance. 1216 is the bigger resistance above now.the dollar fell a bit on the news and is basically in line with the close from yesterday. Will the commodities continue their move south. can we get into some sort of brief profit taking mode. Dollar moving ahead of G20 tomorrow may have been some sort of consolation to get the numbers slightly less skewed before the meetings.

I have been calling for the pop-n-drop and so far so good on that call. Has the drop run it's course is the big question?  I am a big believer in market manipulation and Ben has said he'll do anything to keep the equities markets roaring. Today we get the next POMO schedule. Just how large does the Fed go and when do the POMO's start? That will determine the bears window to continue this fall. I am calling this a 4th wave or a corrective before one last ramp most likely into early February. All bets are off after Xmas. They can not let ANY negative sentiment creep into the markets between now and then.

SPX Daily - My hope is that they allow the markets to fall to the 1175 level. Best case would be a fall to the 1155 level. Those are both a pipe dream of course. What is more likely is that the pattern of ramp and rectangle continues. The move to 1227 appeared to be measured (equal to the width of the last rectangle). So, the top may be in for a little while (depending on the size and strength on the next POMO). At this time anything down is deserved but will be squashed by the fed. The market is their preferred vehicle. It is rigged and you need to play it as such.

USD Monthly - My favorite chart that helped me call the 74 bottom and the 89 top. What the heck does it do here? Could it continue to consolidate or does the descent continue as the triangle breaks down? Applying QEII to the markets one would have to speculate that the inverse relationship the dollar has to the markets is about to be tested if the dollar is to continue to consolidate in the triangle. I speculate the Fed will allow the dollar to rise some as imports for the Xmas season are all in the country now and retail can't be helped anymore. As the sky high commodity prices finally get passed along to the consumer next year retail will get destroyed, so the dollar will have to remain low or even fall more (this is the Fed's oxymoronic conundrum).

Looking for another red day, but not counting my chickens. Let's see the markets reaction to the POMO schedule release. 1212 is apparently a number the minis have been struggling with. 16 is above that. Below there is nothing till 1200. If price can get moving south and can get into that ramp from 10/04 then it should retake that rather quickly. If price can not break down from here, you may want to consider getting long with tight trailing stops. It is all a guessing game on this the possibly last non POMO day till infinity.

GL!

Morning Post, SPX, S&P 500, e-mini

Fed Global Backlash Grows boy is this a tough time to try and figure things out. Everyone is coming at the Fed from all angles and they defiantly stick to their guns. I guess when you have been responsible (along with the government) for virtually destroying the global financial system people begin to lose faith in your fraudster/scam ways. Even the sheeple are tired of seeing you serve the banks like some high dollar prostitute and rob the poor at the same time, your game is tired and soon to be over. The only debate that is left is does the Fed continue on the path to total destruction or do we simply destruct and begin to rebuild now (like we should have in '08). As long as the banksters and special interests are in control, we know who will win that battle no matter the cost.


Economic Calendar -  Really quiet week for data. Thursday is Vetrans Day. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today or tomorrow. The next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

UPDATE: Just looked at my CPC chart. Things are really getting extreme at this point. this does not mean a top, but if trends hold, we're darn close if not there. 

SPX Daily - Still living outside the upper BB. Overbought is an understatement. A joke is the best possible description. Manipulation is still rampant even thought the Fed is apparently in deep shit. Still not sure what to think. If the bastards continue their ways (allowed to or not), then nothing changes and the ramps continue (despite the tsunami of criticism). If they announce that QEII is dead, the markets dump really fast and hard. So, do we finally take our medicine? We all know what happens when the fed stops. So, can they? Do they?

Index Comparison chart Daily - Financials still lagging, but I like it as a bear when they all bunch like this and with the financials lagging, that may be a tell that a turn is due. Well, that would be a "normal" situation, and we all know things are not normal.

SPX/Dollar comparison chart - Daily dollar/SPX Rorschach test.

So, no POMO today or tomorrow and data is light. This is the time I thought the bears would have a chance. I called for a euphoric pop then drop after the QEII announcement. I got off to a great start yesterday calling for a quiet RED POMO day and got that. This call is facing a do or die scenario today and tomorrow. In hindsight, any call for a fall in the face of pumping liquidity may have been idiotic, but with conditions the way they are a pullback (under any "normal" circumstances) would be expected here. I raised my target form 1130 to 1170 for the pullback. IF, IF, IF somehow QEII gets sidelined, the crash is on and were still in C of P2. If not, then I'm guessing were somewhere 5 of P1.

Normalcy is being cried out for and as mentioned above the Fed's plan to pump more fiat into a already bloated fiat system is severely being balked at. Here we are again at the gate of do or die. We all know they are running out of stick saves. Where is my catalyst? Where is the one thing that can rip control of the markets from the Fed and send us on the righteous path to the bottom where we can finally begin to rebuild and rid the world of this credit bubble? With China cracks down on inflows, slams QE and the EU about to crumble maybe the Fed will not be able to stay off the global full court press they are about to face. On the other hand, a caged tiger (Fed) that is protecting its cubs (banks) will fight to the death.

GL today!

Morning Post, SPX, S&P 500, e-mini

Should be an interesting week with G20, PIIGS crashing yet again, QEII schedule announcement, for the most part I believe we have entered a state of limbo. Confidence is lost as the announcement of the Bernanke Put basically was the admittance that nothing is real anymore and our leaders honestly have no viable plans to revive the economy (well - how could they if they are on the inside with the bankers raping the middle class?). 

Economic Calendar -  Please ALWAYS check the calendar. Really quiet week for data. Thursday is Vetrans Day.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - Last POMO Lite today. The next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

The big question becomes how far does the market separate from reality with QE Douche? What will $27T do to move equities with retail basically gone from the trading floor? Can they suck the sheeple back in to a 1999 style ramp for the last great wealth grab? Will the public remain skeptical as the 26 weeks of consecutive mutual funds outflows suggests? Will the insiders continue to sell at the fevered pace they have been bailing at? All big questions which lead us to a point of digestion. A point not to invest or get out, but a point to set trailing stops and sceptically let the market tell us if the RAMPant fraud will continue and for how long.

SPX Daily - On a POMO day you have to be expecting green, but then the door will be wide open for the bears tomorrow and Wednesday with no POMO's scheduled. Living in a parabolic state above the upper BB is not a safe place to play. My call for the euphoric post QEII/election pop-n-drop may have some chance still. I don;t think it will be as great as the 1130 pullback I was hoping for, so I have upped that target to the 1170 area for a best case scenario for the bears at this time. 60 points would be twice as large as any pullback that we've had since the climb off 1040, so that is an aggressive thought. Charting this weekend it was hard not to notice the severe overbought conditions, but we all know with the Fed and POMO ruing the co-located servers what can happen as soon as we expect a turn. What is different about this top and the one in April? Simple, the Fed will have QEII and they will not be pulling liquidity from the markets. That says enough alone.

30m Index Comparison Chart - I like it as a bear when all the indexes come together tile this. 

Holiday week but markets will be trading. Semi-quiet data week. G20 and Barry out there hocking his lies will drive some news. The PIIGS are crashing again. It is quite possible that we get some moves in the EUR or AUD that may move the dollar sooner than later (I will discuss the dollar more later this week in detail). Will the markets decouple from the dollar is a big question.

GL this week. It will be interesting and I'm mainly looking for the next POMO schedule on the 10th. Till then today is a POMO day, and we all know what that means. I will go out on a limb and speculate that this may be a rare red POMO day.

GL!

Morning Post, SPX, S&P 500, e-mini

The Bernanke Put is on. I believe there is a significant amount of confusion created by this. Why? Simple, to know when you roll out of bed, know you are going to a casino and knowing that you are virtually guaranteed a winner on every bet you place that is a little hard to grasp. I simply don't think people can fathom the fact that the Fed is begging you to place your bets in the market and they are guaranteeing you will win. They want you to win, win, win so you will go spend, spend, spend. Fucking GENIUS!
 
Economic Calendar -  Please ALWAYS check the calendar. Almost all the Fed governors speak today. That should make for great theater on a non POMO day.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today. There is one last one Monday. The next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

SPX:gold and SPX silver - Not pretty.

Index comparison daily - don;t look now, but here come the financials insolvency, foreclosuregate and all. What was that 80's song....Don't Worry, Be happy.

SPX weekly - What can QEII do to a weekly projection? Well, see that pink box? That is what I was thinking. Now see the black box and the extended wedge? Welcome QEII. Now, this is totally different than my top in February near 1250 projection. I just whipped this chart up this AM, so don't hold me to this one. One of my best calls was the lowered (red) wedge support diagonal to the pop in January to the higher highs and the top in April. Being an enormous believer in manipulation that kept me long till April. Then Bernanke started pulling liquidity and QEI stopped. Aaaaand It's Gone (see vid on right). This move has taken me totally off guard. Why? The Bernanke Put. Somehow I could not anticipate or believe that the fraud in the markets could be this prevalent for this long.

We still have a chance at a 5 to 8% corrective here. Next week is the bears only shot as when QEII kick in it will make QE Lite look like a pussy cat. My target of 1130 is a distant thought now and I am more looking at the 1170 area at best for a corrective here (if that is even possible). That black wedge and the target box may prove to be really conservative is the fraud is allowed to perpetuate. Buy, buy, buy baby! We could be about to see a market that rivals 1999. Not kidding. Here it the bad news. They are sucking you in again for the final rape of wealth.they left some on the table in the last two bubbles and one last push to bring Joe six pack into the markets should do it.

Right now all calls are off the table. I believe the markets have to digest QEII, and we need the next POMO schedule and see just how large these POMO purchases are going to be. This is really unbelievable. They are going to pump the markets to get you to invest and make gobs of money so you can go spend it to revive the country. This is the solution they have come up with to all our problems. If that is not the most inept piece of crap you have ever heard of I'm not so sure what is. Nothing gets resolved till we address the structural issues regarding insolvency, debt, unsustainable job losses, fraud, corruption and the myriad of other issues facing this nation. Inflation, deflation and stagflation, we're gonna have them all. We're busted and this market ramp is the big distraction/smoke screen they are throwing up to kick the can down the road a bit farther. Sooner or later is gonna come a curb where they can't kick the can any farther then it all ends.

Enjoy your weekend.

Morning Post, SPX, S&P 500, e-mini

I think tomorrow is going to be a massive day. Almost all the Fed governors are speaking and Ben speaks at 2:00. We have a POMO day today (and apparently an unlimited supply of POMO to come). Ben has spoken and continues to send the message to the shorts the they will be wrong perpetually. We're sadly getting closer to the end as QEII is now being globally accepted as the desperation play it is. Hey, who cares! The Fed is now the (finally admitted) global money tit and their tank is full. Pull up to the trough and get your fill (and you can bend over and violate a few more American taxpayers at the same time!).

Economic Calendar -  Please ALWAYS check the calendar. Almost all the Fed governors speak tomorrow. That should make for great theater on a non POMO day.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - POMO today. There is one last one Monday. The next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

Is there really any sense in posting charts anymore? I mean really. What is the point when we all have an investors dream of perpetually rising markets. What a bunch of dipshits all those insiders that have been selling in droves must be. Ha, and they are running the companies that run the nation. What do they really know? (sarcasm).

I have fortunately been right on many calls, but the one that resonates the most is that the Fed knows that the markets are all they have left between them and total anarchy in the USA, and they will keep the markets up at all cost. This point was echoed loud and clear yesterday. Sadly the other point I have been screaming from the mountain top for well over a year now is that it will take some form of "external" catalyst that is out of "their" control to finally rip the markets from "their" control. What this event will be is anyone's guess.

The insolvency of the TBTF's did not work. Fraudclosuregate has not worked. The PIIGS, jobs, RE/CRE, CDS or MBS,  currency wars or all the myriad of other disasters that have launched attacks have failed. What will it take?  Bottom line is that the Ponzi that is our global economic system will collapse and systemic failure will occur. We all now know that none of this is real. How do you revert from fantasy, say from the unicorn, to the Ass that we really are? It won;t be pretty.

I guess the only reason to post a chart these days is to see just how many technical rules can be violated thrown out the window. This may become a drinking game. Every time you get a 6 point up 1m candle you take a shot. Shot for every stick save. Shot for every whipsaw. Shot every time RSI14 hits 70. Not sure I can handle that game. Seriously, we'll keep digging and believing in technical analysis and the principles that got us here. Can't give up. TA will eventually win I believe.

SPX 60m - I may lower the lower wedge support. I'm sticking with the wedge for now. I don't think the upper resistance will be violated. Bottom line is the market is forming rectangles and ramping over and over and over and this will be the pattern that continues till all retail is out and the only money left will be the Fed. At that point they take everything private and we become the fascist state we are destined to become. All pensions and retirement plans will be taken over and nationalized. This controlled run should become pretty predictable and buying on POMO days and the dips will remain the theme. The markets have fallen in ABC fashion and then ramped. We'll continue to look for this pattern.

SPX weekly - Is the larger wedge that I have been bringing up for a few weeks now the one that is in play now? Not so sure, but we must consider it. Given the weekly chart is getting overbought and embedding in some cases that is hard to consider. Let's not discount any upside potential cause Ben has warned us not to.

Updating my cycle lines chart I have tightened the black box and raised the red box to reflect what I STILL think will be the move. 4th wave down to 1130 and then 5=1 for a 120 point move to top for good near 1250 in February.

POMO day. Vegas is no longer taking red/green bets on these days since they always close green. 1219 is supposedly the magical number that invalidates all the EWT madness.I thought is was 1186, but apparently they can change the rules.

1210 is my upper target at this point and then we go sideways again buying the dips and selling the rips.

GL!

Morning Post, SPX, S&P 500, e-mini

America has spoken. Will they listen? I doubt it. At least Barry's administration has been called out and he won't have the free run he had at destroying the country. 2 years, complete control and trillions spent and what does he have to show for it? Bottom line is someone has to grow a pair and challenge the special interests. Can the bankers be prosecuted and can real regulatory reform happen? Can the Fed be dissolved? Without that America will never rise from the ashes.

Economic Calendar - Zero Hedge promptly questions the validity of these data points in Perpetually Wrong ADP Number Comes At 43K, On Expectations Of 20K, Up From Prior -2K Please ALWAYS check the calendar. There are a load of important things today and the rest of this week.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today. There is one tomorrow. There are only 2 POMOs left and the next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

Stockcharts appears to be down, so I deliver the chart I posted on September 01. Why you ask? Cause it was right then and may still be today. Your mandate is to buy, buy, buy. Selling will not be tolerated and anyone that tries to do so will be punished severely.

Don't think we can say much till 2:15 when Ben speaks. So far the election results appear to have been very accurately priced in. Not to hot, not to cold, just right to not elicit any market reaction. That leaves the question as to how was QEII priced in?

Markets are in a precarious spot with April highs just above in most indexes. Overbought falling out of a busted wedge for the second time. Will we have to lower the wedge support diagonal once more to placate the bulls thirst for more upside? If new highs are set that must be considered. In that case this multi-week rectangle may make for a measured move up (continuing the pattern over the past couple of months).

Downside potential is evident. We all know the troubles that exist. No need in beating that horse to death. We all know that technically the markets are growing more overbought every day and have been stretched to if not beyond normal limits.

What's different (than in a normal market) is that the markets are controlled and fraud is rampant. They are controlling markets via FX intervention, market intervention or a variety of other methods. They seem to be able to manage disasters like fraudclosuregate or insolvency every time they arise. This string of luck will run out. When it does the markets will collapse. Till then we must remain patient and follow their lead. Any other strategy has been futile.

At 2:15 the markets will tell us what to do. I have been in the pop then drop camp. Was the pop yesterday? Is the 1200 resistance area too much for even the Fed to capture? Will the euphoria of Barry losing total control be enough to rally the markets? Will the new congress finally put the patient in the operating room and open it up and begin to actually fix something (which will cause enormous pain)? Will the Fed surprise on QEII announcement? All big questions. Bottom line is that until the Fed and Treasury loses control, we are playing their game.

GL!

Morning Post, SPX, S&P 500, e-mini

Election day! Get out and VOTE! All votes count. I'd prefer you vote for non incumbents, but you do what you feel is right. Just go vote.

What moved the markets this morning? Well, other than the near perfect ABC move off the top, RBA Rises Policy Rate By 0.25% Bps To 4.75%, With Consensus Calling For Unchanged, AUD Surges Across The Board, Futures Follow was the primary reason. The AUD/JPY chart from the April highs contours the SPX's movements almost perfectly. 

Economic Calendar - Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today or tomorrow! There are only 2 POMOs left and the next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

AUD/JPY daily - Resistance just above at 81.32 and then upper channel resistance near 82.60 should not be violated.

AUD/JPY 4hr - A closer look at the recent channel breakout and resistance point.

SPX Daily - BB width is 37 and falling. I see anything below 70 as predicting volatility. This is an extreme reading. Something is about to blow up big time. Wedge is busted. 1200 and April highs are not far away. The indicators are trying to whipsaw at this time.

30m Index Comparison - RUT went into freefall yesterday catching up with the lagging financials. COMPQ refusing to yield.

SPX, USB, VIX and TNX comparison chart - VIX diverging to SPX. TNX equilibrium to SPX price is about 810. USB is all blown up. the weekly 200ma for SPX is at 1193.

So there you have it. We're being dragged around by currency rates, POMO and QEII. Markets are precariously close to the April highs again. The weekly chart is starting to gt nasty. If the MACD histogram throws in a falling candle that may seal the deal. Tomorrow is D-day. Positioning for QEII is happening and the spikes on POMO and falls on non-POMO days tells the story. No POMO till Thursday. Insider selling and overly bullish sentiment are two keys as well. Mish covers them both nicely in Extreme Readings in Bullish Investor Sentiment as Insiders Bail at Highest Rate Ever Tracked.

As for today, who the hell knows? I'd expect a sideways quiet day, but you never know. Late day positioning will be key to see if there are any QEII leaks. Sell the news? I'd expect a good bit of that. Just have your powder dry for tomorrow.

GL!

Morning Post, SPX, S&P 500, e-mini

Not much to say other than tomorrow is a big day. I guess you could call it my D-day. Since the moment when Ben spoke and promised QEII and implemented one of the greatest stick save reversals in market history (bad GDP and employment numbers reversing the markets off a potentially collapsing right shoulder) it has been painfully clear that up would be the only direction for this rigged investment apparatus we still call a market. Here we are with overbought conditions that now rival the April highs on some indicators.

Sell the news? We'll know tomorrow. I think so. I have been calling for a pop then drop, but I am not so sure about that right now. The euphoria over QEII has diminished. Since someone actually decided to look at the effects of adding trillions more to our debt, the effect (or lack thereof) of additional stimulus and overall sentiment for our elite rapists has caused quite the cloud to form over Captain Helicopter's plans to further inflate the bubble for the sole benefit of the TBTF's.

Economic Calendar - ISM and Construction Spending at 10:00. Personal Income And Spending Both Miss Expectations, As Savings Rate Drops To 2010 Low Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - POMO today! There are only 2 POMOs left and the next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

This is my tops and bottoms chart. Care to compare the indexes and indicators over a few years and see what they looked like when the major turns came? Here you go. This chart says very toppy and some sort of corrective is very due. Chart may be best viewed here. I call the larger blue wedge is the Ultimate Rigged Market Possibility. Note: When the Acum/Dist changes and whomever has been on the Acum side starts to dump (if there is anyone to dump to), look out. 

Not much to say or speculate on. Everything is absolutely horrific. The markets are rigged. We'll know the markets reaction to QEII tomorrow (I think it sill be mixed at first then sell off). Will this only be a corrective or the real deal? Only form will tell us. Impulsive selling with volume (possible flash crash) with MF and BD's playing will be necessary to get the markets really moving south. I am mostly concerned with the potential voting of a lame duck Congress.

To those of you that have not voted, get out and vote! Personally I will be voting for anyone that is not an incumbent. the only way to get change is to get the bought and paid for cronies (like Frank and Pelosi) out of office. They all have destroyed our nation via their servitude to the special interests. They all must go.

GL and have a good day.