Thursday, May 6, 2010

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

Contagion, the new buzz word. Is it really accurate? This bug has been laying dormant inside the victims and is really acting more like a parasite than a virus. The parasite has been bleeding the host dry from the inside and has now spread to take refuge in the financial system of every nation. Parasites have a way of invading the host undetected and live off them till it has taken all it can. Well, Greeks financial parasite (which in definition is a corrupt, self serving, owned government that has really screwed up the country in the greatest wealth grab in history living way beyond it's means) is emerging from the host. Which orifice it chooses to exit from is beyond me, but I promise when this thing gets out it will terrify the world and leave the host country nothing more than a rotting corpse (with a few fires burning here and there and some turned over cars over there and people getting sprayed with pepper spray and tear gas over there and ...).

Economic Calendar - UK elections, ECB announcement, jobs were not so hot, Bernanke at 9:30 and Natgas at 10:30, Geitner at 9:00. Paulson speaks as well.

Pivot Points - Know 'em.

Running a little late today, so lets make this quick. Everything is falling apart and that can not be denied. It is only a matter of time now before it all starts to unravel. Apparently the bailout of Greece is really more a Hugh Hendry: The Greek "Bailout" Is Really A Bailout Of French Banks.

Minis are falling down 5.5 now, dollar is still cranking up and should continue the ramp and we're still spilling thousands of gallons of oil in the gulf daily.

SPX  - My target of 1152 is not far away as the 60 and 30m chart are embedding on the bottom (have not seen that in a while). Bottom line is we all know it is going to implode and we just need to be prepared for the worst. At this time momo is down and you have to stick with the NT trend. A corrective is due, but of what size and shape and when is the big question. If we are in the corrective now and a 3rd of a 3rd is coming look out. Even the monthly chart is showing some damage from this fall at this time. The weekly is peeking below my RSI support line that delineates P2 and P3.

Sorry, but blogger is not allowing me to post a chart this am. When it allows I'll get something up. GL!

Just noticed that I surpassed the 500,000 hit plateau and want to thank everyone for their views and support. Never thought it would have gotten this big. Many thanks to everyone! Not bad for the first year of the blog!