Wednesday, December 2, 2009

Morning Post

LOL, 169,000 jobs is a good number? Are you freaking kidding me? If this were a faucet, it would be spilling water (jobs) at a constant rate and the tub would have been spilling over onto the floor for months now. So what the hell do you do? I'd say anything other than what they have been doing. Those people in Washington piss me off. Get rid of all of them (Except Ron Paul, Corker and a few others).

On to the markets, I have to apologize for the lack of anything interesting these past few weeks, but it is the market's fault not mine. I'm not going to stress out over a count or anything when I see nothing but consolidation occurring as we form the top. Max upside from here is 1214 on SPX and downside is unlimited. To get to that upside the minis will have to seriously violate their top bear market trendline and the P2 (bull market) top line. I don't see that happening, but I am not discounting that possibility. The market is playing out the rising wedge at a top trendline. It is that simple. Relax and let it come to you. This is a really crappy time to be a trader, but your time will come soon.

E-mini - The heavy dark blue lines are the P2 rising wedge. Nothing happens big till we leave that range. Looks like the minis have broken a small rising wedge (gray), but are still meeting resistance at the 1007 level. I'm not sure based on where the dailys are that this is a proper wedge and this breakdown might not be anything to speak of. They came within 1/2 a point of setting a new high yesterday.$INDU did set a new high yesterday.

DXY daily - Continues to consolidate. I'll try to rework this chart so it views better.

Gold /CG futures 15m - Here is the rise off of the last low (that someone called? Hmmm..). This little wedge looks tired. The daily and weekly indicators are topped so look for an even bigger torn soon. 

NATGAS /NG  - Consolidating
Oil - Consolidating
EUR/USD - Topping and consolidating
EUR/JPY - Breaking down. It has solidly taken out TWO levels of trendline support and is completing a backtest.

GL today and happy holidays!