Quick post this AM while I figure out if I will be going to the office or not.
I posted a bunch of charts in the previous post yesterday. Check those out.
Minis off 6. Maybe we get that larger move south that we were counting Friday. 30m minis testing the 1260 close lows from Friday. If those give way we're looking for 56 then 50 there.
From CNBC's pre-market email, "There are no economic stats for release today - and no pre-market earnings of note. However, the start of earnings season comes this afternoon, when Dow component Alcoa (AA) releases its earnings after the closing bell. One of the few events of note on today's calendar is a speech by Atlanta Fed President Dennis Lockhart at 12:40pm ET in Atlanta, where he'll speak about the progress of the U.S. economic comeback."
We've been discussing earnings beginning today. "Several Dow components besides Alcoa are in the news this morning: Verizon (VZ) is reportedly set to announce the availability of Apple's iPhone for its customers, with that announcement coming tomorrow. That will make both Verizon and rival AT&T (T) stocks to watch, as the reported announcement will end AT&T's iPhone exclusivity."
As I have noted for some time, I think VZ will possibly explode with their release of the iPhone and T will suffer greatly. This will possibly help AAPL as well. I have a friend that likes the idea so much he's bought a VZ franchise north of ATL. The T network .... sucks for reception if you are not in a large city. As they say they cover 97% of all AMERICANS not friggin AMERICA! What a load of shit that advertising program is.
SPX is on a trend of lower lows and lower highs. 1261.74 and then 1255.84 then 54.19 are key levels.
Last week the dollar rose from 79.02 to 81.63 all while SPX went from 1255 to 1271. Go figure.
I think we have set some sort of intermediate top if not possibly a very major one. We have to at least begin discussing the possibility of a major top being in the neighborhood. I've had 1283 as a target (with possible higher moves) and a late Jan early Feb time table for it.
Earnings should not be good IMO. The retail whispers last week were horrible. Who cares? Dollar up, retail in the gutter, EU imploding, pensions suing banks, the news seems to be building like that storm that came thru here last night. At least we have POMO to rise all tides. Thus the Fed's trump card remains in effect dampening any enthusiasm to get short or call a major top.
Not sure what my schedule will be today. I have to work on populating the new site this week as well for launch Monday AM. I'll leave a link to let you know where to go.
GL and GB!
