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

Minis up 15.5. Impressive! Not sure how long this will last, but turning around a rather dismal looking TA situation on a dime is what the Fed is all about. Suck 'em in and punish the shorts. Thanks POMO! We all know that not much makes sense anymore. Everything is busted but when the global economy is fueled by a fiat burn rate that would send any object into orbit, who cares, right? What's the matter? Markets are up, Xmas season is upon us, TSA has laid off touching your junk, how could things get any better right? "Send in your economic recovery success stories."

Bullshit is the new Bah Humbug I say. The MSM is pumping the glory of the recovery and how well things are and we got 99ers that are on the streets starving to death. 42 million plus on food stamps, WE are the largest holders of our own national debt, I have to ask, how ignorant are the sheeple of this nation to not be able to see what is coming? Sadly, the war was lost with the original founding of the Fed. Now the only way to win will the be to eliminate the Fed.

Economic Calendar -  Pretty busy week after today. Please ALWAYS check the calendar.

POMO Schedule -  $39B in POMO this week. (We'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

Pivot Points -  For what they are worth in this busted market.

About 10:30 last night the minis started their drive north. Lifting off like Rudolph was in the lead they are now at cruising altitude +15.50 (so much for buying the gap down open today). After rising above the clouds (resistance at 91) a final thrust got them thru the atmosphere (over the upper resistance diagonal at 93) and now the resistance has become support at those levels. Would not you love to see them burn up on reentry?

Remember that dollar chart from yesterday? Approaching upper channel resistance? Hit it.

EUR/USD - Not sure what stopped the EUR before hitting 1.26. One would think this will be a 5 wave move south here and not an ABC as it looks. Right now the 3rd or C is still short of 1 or A. 1.34 resistance is the 38% retracement. Possible 4 up to backtest the busted channel support diagonal.

Not much sense in showing any SPX charts this morning because the turn in the futures is gonna blow 'em all up (thanks again POMO). I will share this chart comparing the SPX, FTSE, SSEC and NIKK. If trend holds a break south may be coming soon. FTSE turns first with the others, SPX lags, and then they all fall together.

Right now looks like cash will get to gap resistance near 95 at the open. 1200 has been the upper range for this move. How much strength this move has we'll soon find out. 1200.30 would be a higher high. Based on the downturn in all the daily indicators it really looked like C was going to start today. The upper resistance diagonal off the top should be taken out at the open on cash. That will be an issue for the bears. Everything I am looking at had set up a sell scenario and that last 30m candle yesterday was a beauty. Let's see if the bears get a chance to sell an open instead of buying one today as this B or 2 wave plays out.

GL and enjoy the holiday season.

One of my favorite lines of the season,

“And the Grinch, with his Grinch-feet ice cold in the snow,
stood puzzling and puzzling, how could it be so? It came without ribbons.
It came without tags. It came without packages, boxes or bags.
And he puzzled and puzzled 'till his puzzler was sore.
Then the Grinch thought of something he hadn't before.
What if Christmas, he thought, doesn't come from a store.
What if Christmas, perhaps, means a little bit more.”

Dr. Seuss