I don't get it but I do get it. Market has every reason to be worried as hell, but the promise of QEII and the severe manipulation keep it afloat. When you have trash like
XLF Sets World Record In Quote Stuffing With 23.3 Quotes Per Millisecond happening. When
JPM, HSBC Sued For Silver Market Manipulation, Reaping Billions In Illegal Profits and
This Appears To Be Worthy of JAIL - RIGHT NOW are common place incidents that markets ignore, then things are so bad nothing really matters anymore.
Economic Calendar - GDP, PMI and sentiment tomorrow. Please ALWAYS check the calendar.
Earnings Calendar - Earnings info here at
MarketWatch Earnings Summary HERE.
Pivot Points -
POMO Schedule - POMO today! There are only 3 POMOs left and the next schedule will be released on the 10th.
Shanky's Dark Side - Where I call all the intraday action.
Dollar/SPX correlation update - nothing has changed.
Congrats to those long tech. Apparently AAPL's reduced margins to ONLY 36% was not all that bad.
Minis 60m - after nice move south have taken back the wedge and fought back thru 81 resistance.
SPX 60m - apparently 20 to 30 points is all the SPX wants to give up these days on any pullback. Price will be back into the wedge after the open. See the minis chart above to see what to expect.
Yesterday I was not willing to go out on any limbs, and I am not going there today either. We are handcuffed till the elections and QEII are announced. Till then I will most likely not open my trading platform and remain idle. To me this is the prudent play. Even with the JPM silver suit the silver futures have not budged. Things are really screwy. I'll start doing some more detailed posts soon.
So, up we go on a POMO day with job losses still below the 400k range there is every reason to celebrate. Sorry I can't speculate on future moves. The big question is what happens on the QEII announcement and if any of the foreclosuregate or myriad of other horrific financial news can actually effect the markets. Sell the news? I think we'll get that. How big a move? Depends on POMO and how aggressive the selling gets. With insiders leaving in droves, I would assume that this charade will not last much longer.
GL out there and thanks for the views and support.
