Wednesday, August 11, 2010

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

Could it be real this time? Apparently the rest of the world is not in some lithium induced trance that buys all the lies about how well the "recovery" is going here like the sheeple that we are. Surprise, the numbers in Europe and the Far East are not as rosy as someone would like for you to think!

Here are a few charts - I have to go trade - I will update with targets and charts as the day goes. Flash crash? Possible, not yet but possibly soon. Remember I think we have two market closures in this big bear move.GL today.

SPX 60m - broad overview of the wedge and all the gaps. I think we at least hit support at 1097 and if we get thru there the move to 1060 will be on.

Minis 30m - Taking out the wedge in grand fashion and setting lower low under 1103.

EUR/USD - Daily - if 127 does everything else goes with it.
DJUSFN - Financials are about to fall off a cliff and if this is the top of a larger right shoulder