The reason I open with this is because it supports my theory that the markets are manipulated and that the Creature From Jekyll Island is running the show (with a little help from their evil twin GS). How can I continue to call for higher highs in the face of all of this mess? It is simple, the GAME IS RIGGED. They are playing Russian Financial Roulette with our financial future. These meat heads play the game backwards though. They start with a fully loaded clip work backwards. It is only a matter of time before they actually pull the trigger. The Brown election actually took a round out of the clip, so at least there is one empty chamber.
Don't forget we are still in earnings season. Lots of companies report this week. Earnings calendar HERE. The Barron's Economic Announcement Calendar is HERE.
On to the charts. Impressive move south last week that you had to be on Mars to have missed. Looking at the daily SPX, some of the indicators here have not reached oversold status yet. The futures indicate they won't get there either (E-mini up 7 at this time). This run has blown out the lower Bollinger Band, crushed the 50 ma and closed two gaps. that is a lot in such short a time. It has also completed a 50% retracement of the last run up off of the 1031 low. I would like to point out that while sellers greatly outnumbered buyers last week, the volume was not all that impressive.
Gold- looks oversold on the indicators and may be consolidating at this support level. This could be a C up here.
Dollar - Set a new NT high last week. This may be a 2 of a 3. I will be long again large for the 3 of 3.
Oil - Oversold and near a lower support/channel line. I'd look for a pop back to 77/80.
Natgas - Still traveling up the support line. Indicators have divergences to price which is not good. Good support at 5.32.
GL out there and take care.
