Oh, ye of little faith. LOL, Even I gave up on the earnings spin/fraudmeisters ability to make something happen on Friday. I had touted to look out for earnings and that the ABC was in play, but even Fridays head fake got me. Now we have the rumor of QEII to contend with. Crazy times we're experiencing and thus I stick with a time frame for investing that lasts no longer than the swing of the 30m indicators.
Economic Calendar - Petrol at 10:30 and Helicopter Ben at 2:00. Tomorrow is enormous.
Earnings Calendar - BIDU after close today.
SPX daily - Triangle or wedge? Is it the ABC I gave up on Friday? The toughest part of this call is in the next chart. OK - on second look - if they take privce to a higher hight (like my second target of 1111 where the 200ma the upper BB and resistance lie there is a great chance the whipsawed daily indicators will set some nasty divergences. Let's keep an eye out for that.
SPX 30m -
So there is still some room to climb. I say we fall off the close cause the 30 and 60m minis have set divergences that can't be ignored. 92 is the max on the minis for now. So pullback, then ramp thru support. Not willing to make a call after that. Keep an eye on this 30m chart. There is a chance this market gets overheated soon. Watch for this chart to set a nasty divergence later this week.
GL!
