Gonna be a massive AD tonight, so light on the news this AM. The news and market are really flowing into my hypothesis, I just can't get the market to drop and cooperate quite yet.
Must read - They are loading up the Fed with easing friendly presidents - When Doves Laugh: 4 Weeks Until The Quiet Coup In The Fed Gives QE3 A Green Light | ZeroHedge
You need to see this and note the dates in it. All potential market movers - Complete Summary Of What To Expect From Europe This Week | ZeroHedge
It is all about liquidity! European Interbank Liquidity Deterioration Spikes Despite Surge In Italian Bonds | ZeroHedge
We have lost all control to the banksters and power brokers - you are a debt slave to the system - The Latest Rumor: Fed To Fund IMF, Bypassing Congressional Refusal Of European Bailout | ZeroHedge
Oh yeah, it's on now biatch! Iran Military Shoots Down US Drone, Threatens Response | ZeroHedge
And the MUST READ of the day (cause it is coming here sooner than you think) - Portugal Is Latest Country To Go "MF Global", Raid Pensions Funds To Delay Fiscal Death | ZeroHedge
SPX Daily - I would expect 1264 resistance to have a say in price matters. Moving above this point should face some struggle and anything over this should not last as evidenced by the past two tops. I'm looking for a lower high here under the 1275 top. If that goes, then when I called the drop and pop off the 1292 top for the dailys to set divergences, this is it.
SPX 60m - Divergences will get even worse with the pop after the open this morning.
Minis 4hr - Friday the minis pulled back to backtest the busted red diagonal resistance that had been formed off the 1292 and 1272 tops at the close. The pop that has resulted off that backtest is, well, just another rumor/hope driven move in anticipation of more QE to come. Watch that upper pink resistance diagonal.
SPX 1m - 1257 trying to hold. It is a long way down from here to 1243 support. The support below are 1257, 55, 53 and then the huge gap to 43 then 36.
Remember the Reason for the season!
GL and GB.
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