The markets are a huge issue right now, but there is a far more important development we need to focus on. As for the markets, the EU summit and the FOMC meeting both came and went without any form of resolution to the crisis in the EU nor with more easing from the Fed. That leaves a gaping hole in the markets defenses for the bears to exploit. STB has been looking for a move to 1040 to come in order for the central planners to have the support (fear/desperation) to be able to deliver more stimulus.
I was very pleased to see Citi Near Term Stock Forecast: 9300 In The DJIA; 985 In The S&P; Sees Chart Analogs To Pre-World War Periods | ZeroHedge confirming a lot of what I have been calling for over the past 6 months. More recently I have been allowing the central planners to halt the current slide because of opex Friday and Christmas on the way, but after the 24th "all bets are off". My 1218 backtest call halted the upward movement this morning nicely. Was that it for the upside here? More than likely I think so, but we still have to get thru next week and 1200 round level support below.
After hours the RIMM disappointment and this announcement - Fitch Downgrades 8 Global Banks Including BNP, SocGen, BofA, Deutsche, And Morgan Stanley have not budged the futures. I guess big tech and banks no longer matter to the markets.
While the markets are important and probably what you primarily come here for, I must emphasize the passing of the NDAA last night. "Congress just passed the National Defense Authorization Act in a 283-to-136 vote. 190 Republicans and 93 Democrats voted for; 43 Republicans and 93 Democrats voted "against." Prepare to be arrested, without charge, simply because someone "up there" believes you engage in "terroristy" stuff. Good luck proving them wrong." "Guantánamo Forever?" - Congress Passes $662 Billion Defense Bill, Aka The NDAA | ZeroHedge
This is not to be taken lightly as every Constitutional right you thought you had for freedom of anything was just thrown out with the bathwater. Yes, no matter what the MSM says, you, your better half, your parents, your children are all now subject to indefinite detention for NO CAUSE. This means YOU. No, I am not exaggerating or kidding or pulling your leg. This is real. Welcome to the new Amerika which now more resembles China or Russia than where you lived just yesterday.
First you need to read this Explaining to a 5-Year Old Why the Indefinite Detention Bill DOES Apply to U.S. Citizens on U.S. Soil. You see, "You Don’t HAVE to Lock up Joey For The Rest Of His Life Because He Called You A Mean Name, But You CAN Lock Him Away And Throw Away The Key And Then Falsely Accuse Him Of Being a Suspected Bad Guy If It Would Make You Happy." So if I don't like you, and I think you suck and you have pissed me off, all I have to do is lie and say I saw a pack of foreign people go into your house and lie about conversations we've had in the yard about how you want to kill someone and poof, your ass is in jail and you have NO recourse - NONE. And they can hold you there INDEFINITELY!
What makes you a terrorist suspect? Hmmm, one would think you'd need to be foreign and have some sort of connection to a terrorist group and been learning how to fly plains or attain tons of fertilizer. Nope, how about this -
Sen. Rand Paul Speaks on the Senate Floor on Defense Authorization Act - 11/29/11 - YouTube
Where is your "president" with all of this going on? How can he stand for this? Wasn't he threatening a "veto" of the bill? You better check this out, "Despite reports that Obama is planning to veto the National Defense Authorization Act, Senator Carl Levin has revealed it was the administration itself that lobbied to remove language from the bill that would have protected American citizens from being detained indefinitely without trial. Obama Administration Demanded Power To Indefinitely Detain U.S. Citizens. So, are you still an Obummer supporter?
Don't like what I am saying, then read Rise Of The Beast System: 11 Ways That Amerika Is Becoming More Like North Korea where my favorite item is, "#2 The Department of Homeland Security says that paying for your hotel room in cash is a sign that you could be a potential terrorist. If you do not believe this, just watch this shocking DHS video." Whoops, there is another potential terrorist definition.
What happened to the Japanese here (natural born citizens or not) after WWII started? "Japanese-American internment was the relocation and internment by the United States government in 1942 of approximately 110,000 Japanese Americans and Japanese who lived along the Pacific coast of the United States to camps called "War Relocation Camps," in the wake of Imperial Japan's attack on Pearl Harbor." I suggest you read about this in Japanese American internment - Wikipedia.
Need a job? The FEMA camps are hiring - Internment / Resettlement Specialist | GoArmy.com
Finally I ask that when you have to time you watch this movie that will tie it all together for you. The police state has been in planning for years. They are taking over and the passage of the NDAA was one of the final nails in freedom's coffin. I know this really sucks and is not what you want to read or hear about, but I'd much rather have you informed than not. (Note the first 4 minutes is really slow - then it becomes a movie you will not be able to turn away from).
As for the coming war with Iran (no matter who fires the first shot) "Iraq has yet to assemble a force of jet fighters, and since the shortest route for Israeli strike fighters to Iran is through Iraqi airspace, observers conclude that the U.S. exit makes the Jewish state’s mission planning a lot easier." U.S. to leave Iraqi airspace clear for strategic Israeli route to Iran - Washington Times
Everything is done for a reason. If you think they don't need a war to distract from the coming financial crisis you better think again. If you think there are not more than 72 internment/FEMA camps empty and being staffed right now is not alarming you need to think again. If you think the passage of the NDAA has anything to do with terrorism you better think again.
And when "fringe" topics begin to show up on Zero Hedge, you know that something serious is coming down the road. Why don't you read The Poor Man’s Guide To Survival Gear | ZeroHedge and see where you stand.
GL and GB.