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

The Bernanke Put is on. I believe there is a significant amount of confusion created by this. Why? Simple, to know when you roll out of bed, know you are going to a casino and knowing that you are virtually guaranteed a winner on every bet you place that is a little hard to grasp. I simply don't think people can fathom the fact that the Fed is begging you to place your bets in the market and they are guaranteeing you will win. They want you to win, win, win so you will go spend, spend, spend. Fucking GENIUS!
 
Economic Calendar -  Please ALWAYS check the calendar. Almost all the Fed governors speak today. That should make for great theater on a non POMO day.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule - NO POMO today. There is one last one Monday. The next schedule will be released on the 10th.

Shanky's Dark Side - Where I call all the intraday action.

SPX:gold and SPX silver - Not pretty.

Index comparison daily - don;t look now, but here come the financials insolvency, foreclosuregate and all. What was that 80's song....Don't Worry, Be happy.

SPX weekly - What can QEII do to a weekly projection? Well, see that pink box? That is what I was thinking. Now see the black box and the extended wedge? Welcome QEII. Now, this is totally different than my top in February near 1250 projection. I just whipped this chart up this AM, so don't hold me to this one. One of my best calls was the lowered (red) wedge support diagonal to the pop in January to the higher highs and the top in April. Being an enormous believer in manipulation that kept me long till April. Then Bernanke started pulling liquidity and QEI stopped. Aaaaand It's Gone (see vid on right). This move has taken me totally off guard. Why? The Bernanke Put. Somehow I could not anticipate or believe that the fraud in the markets could be this prevalent for this long.

We still have a chance at a 5 to 8% corrective here. Next week is the bears only shot as when QEII kick in it will make QE Lite look like a pussy cat. My target of 1130 is a distant thought now and I am more looking at the 1170 area at best for a corrective here (if that is even possible). That black wedge and the target box may prove to be really conservative is the fraud is allowed to perpetuate. Buy, buy, buy baby! We could be about to see a market that rivals 1999. Not kidding. Here it the bad news. They are sucking you in again for the final rape of wealth.they left some on the table in the last two bubbles and one last push to bring Joe six pack into the markets should do it.

Right now all calls are off the table. I believe the markets have to digest QEII, and we need the next POMO schedule and see just how large these POMO purchases are going to be. This is really unbelievable. They are going to pump the markets to get you to invest and make gobs of money so you can go spend it to revive the country. This is the solution they have come up with to all our problems. If that is not the most inept piece of crap you have ever heard of I'm not so sure what is. Nothing gets resolved till we address the structural issues regarding insolvency, debt, unsustainable job losses, fraud, corruption and the myriad of other issues facing this nation. Inflation, deflation and stagflation, we're gonna have them all. We're busted and this market ramp is the big distraction/smoke screen they are throwing up to kick the can down the road a bit farther. Sooner or later is gonna come a curb where they can't kick the can any farther then it all ends.

Enjoy your weekend.