Monday, November 28, 2011

Morning Post 11/28/11, SPX

"The reasons for the rally are largely based on headlines and rumors out of Europe and being too pessimistic about what happens if there is no “solution”." Sounds like the same 'ol same 'ol thang, "it seems the main reason for a market rally is the amrageddon-like scenario of the break-up and the typical belief that 'the-worse-it-gets, the-better-it-will-be-in-the-end', so buy." Grand Plan 2 Or Grasping At Straws? | ZeroHedge

Did you catch that "too pessimistic" part? Well, if you have been reading this blog for the last 2.5 years and especially this past month then I want to know their definition of "too pessimistic"? Wait for the AD later today. I have 4 days of head lines to bowl you over with.

None of that matters. Nothing matters other than what the grand puppet masters decide. We are living in a time like no other where market manipulation, fraud, corruption and greed drive the system from its core. The only thing that will stop the charade is when their system literally implodes from the weight of the debt they continue to pile on. Remember, do the math.

Fresh off the presses is a very interesting post Venezuela Repatriates ‘People’s Gold’ Due to Gold’s ‘Historic’, ‘Symbolic’ & ‘Financial’ Value | ZeroHedge. The ramifications of this move are wide and speak volumes about the health of the global financial and economic structure.

Remember it is all about liquidity. How long can anyone (the US included) continue to print to buy bonds to fund the global Ponzi before it either collapses or hyperinflation slams the door?

Be patient bears. STB will not be chasing this pop initially. I'm looking at the logical points between 1195 and 1220 for this retracement/corrective move.

SPX 60m - I think this is my best chart/ Let the 60m run and top out. Not sure if we will get a telling divergence for the next sell off or not. 1200 to 1220 seems the obvious spot for a target.

Minis 30m - Channel down is busted and wraslin with busted channel support (yellow) which should now be resistance. Believe it or not, there is a chance this pop could be over already. 1236, 1218, Gap at 1210, 1200 are all logical turning points on the minis.

Remember the Reason for the season!

GL and GB.

"And he puzzled and puzzed, till his puzzler was sore.
Then the Grinch thought of something he hadn't before!
"Maybe Christmas," he thought, "doesn't come from a store.
Maybe Christmas… perhaps… means a little bit more.""

 How the Grinch Stole Christmas! (TV special) - Wikiquote

Minis 1m - Gray area below is the gap from last night. Note the 1m 200ma support (red). VWAP (pink right at yellow LT channel support. Upper Vband just under 1200 resistance. Lower Vband at Gap support.

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