Economic Calendar - 10:00 Factory orders and pending home sales. Big week for data this week.
Earnings Calendar - YUM, MON, PEP and AA are the big names this wee as things get kicked off.
Pivot Points -
POMO Schedule - Tuesday and Wednesday end QE Lite and then on the 13th we get the big news if they plan on extending it.
Shanky's Dark Side - Where I call all the intraday action.
SPX Daily - Not much to say. I speculate it is still rolling over. With earnings season upon us market prognosticating will be even tougher over the next two to three weeks. REPO 105 and all those HFT frontrunning trading profits should help the TBTF's. This chart looks rather toppy. I can't rule out one more shot to 75, but it should be highly doubtful without a corrective first.
SPX 60m -As we have been discussing here for several weeks now, the questions of the pricing in of QE II (and now possibly TARP II) must be raised. It is possible that QE Lite has been trying to get everyone to "believe" all is well in the land of rainbows and unicorns, but that is highly doubtful as the global financial system is abandoning the US faster now than Barry's losing supporters. This chart is very toppy as well. Did we have the blow off top to 1158? Will it actually correct?
MSFT downgrade, terror alert, foreclosure mess, you name it, it's all beginning to fall apart at a faster pace now (as expected). We're getting closer to my LEH type catalyst that will finally cripple the elites and bring this whole charade crashing down. It will be very interesting to see what type of earnings fraud they come up with this quarter. Tuesday and Wednesday are POMO days, so we all know what that means. I suspect when it finally falls everyone will know it. It will be plain as the nose on your face. Just be ready with powder dry. Flash II will be coming to a market near you soon.
GL and have a great week. Congrats to my Braves for limping in but making the playoffs.
