Wednesday, November 2, 2011

Morning Post 11/02/11, SPX

Well, we're one day closer to 11/11/11 if that means anything. Searching for something to say? Darn right. What, you want to hear me discuss the rumor driven Greek bailout on/off referendum? This market is stupid. No other way to put it. Bottom line is we all know that a haircut of any sort only kicks the can till the eventual default.

This is old news, but is always fun when it pops back up - Seems to work best when Saudi Arabia needs a shot in the arm to get oil prices up. ""The country's defence minister Ehud Barak and the foreign minister Avigdor Lieberman are said to be among those backing a pre-emptive strike to neutralise Iran's nuclear ambitions" Sky News Reports Israel Preparing For Preemptive Strike On Iran | ZeroHedge

This is a good one - Krugman Warns Of “Gigantic Bank Run”, “Emergency Bank Closing” And “New Lira” | ZeroHedge. Moves away from the euro and back to domestic currencies has been a hot topic lately. Remember STB likes EUR $1.16.

SPX Daily - Indicators look pretty sick. Price losing support internally. Remember I'm looking for one last pop up to set divergences, but this is not necessary before the next major move south. No telling what could happen today as FOMC notes come out and rumors of QE3 should be flying.

Minis 30m - Possible Head and Shoulders forming. Backtest green channel and 1257 to top right shoulder and then fail? Hey, A guy can dream can't he?

Minis 1m - 1218 support and the VWAP and the VWAP Bands.

GL and GB.

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