Afternoon Delight 02/29/12 - Busted

OK, it is finally gut check time for the bulls and bears. Since the beginning of the year I've preached form and patience. Today form may have outruled substance, finally. We've all been watching the LTRO2 coming, the Greece situation and dodging the QE3 rumors (which are sure to spike with any market weakness). Markets can not fall. That is illegal now isn't it? Well, they closed down today (actually on lower lows) and at least spiked thru my purple support.

The biggest joke of the day and the must see chart (so far) of the year is in Ben Bernanke: "The ECB Is Well Capitalized" | ZeroHedge. "In other words, the ECB's leverage is 36.6x. This according to Ben Bernanke is "well-capitalized."" I suggest you not be drinking anything when you look at this, cause it may come out your nose. Question: does anyone out there remember what got us into all this mess in the first place? Bueller? Heeeeere we go again!

Morning Market Commentary and Charts 02/29/12 $ES #SPX #EUR/USD #Gas

So what we get drunk. So what we don't sleep. So what we go out. That's how its supposed to be living young and wild and free. I'm tempted to rewrite that song and relate it to the financial crisis. Should not be too hard. Pretty much nails the Keynsian mantra and the life we live under the Fed today.

EUR/USD - Just one massive green rising (bearish) wedge.

Afternoon Delight 02/28/12 - Patience

Markets prove it is all about news rumors, LTRO2 and the upcoming FOMC (not to mention several other key dates in between). Till this is all over (March 20th) things should remain dicey in the markets with both up and down scenarios (more up than down of course). Not much to comment on other than there were actually a few 5m gaps DOWN on the RUT and DOW today. This is a very rare event in these liquidity driven markets. Of course the PPT came in and scooped up the markets closing the DOW gap, but leaving one still open on the RUT near 826.

Minis 15m - The yellow channel support was resistance again and here price is yet again right back under it at the white diag we've been following as well. For a while there it looked like some form was actually occurring (and still may be) with price. STB called/Tweeted the green wedge break at the moment and then the blue wedge formed. Is that an overthrow or just another move up. With the gaps and this potential emergence of actual form, I'll say that price action at least has my undivided attention for the first time in a while.

Morning Market Commentary and Charts 02/28/12 #SPX $ES

Minis took out the 5/2/11 high of 1373.5 last night by .25 points. Since that point the markets have not been happy at all falling rather abruptly to as low as 1366 support level taking out 1368 support. Of the major indexes only the RUT (of all things, the Fed's darling) has not taken out the May '11 highs.

As you can see yellow channel support is still acting as resistance. STB is focusing on the yellow channel and the purple support. For those that missed it, I gave an extensive view of my /ES minis futures charts last night in the AD. There is a link to the right if you would like to go back and see what I am seeing.

Afternoon Delight 02/27/12 - $ES Minis Charts in Detail

Let's Look at the minnis across several time frames - I've been rock solid calling the minis for a long, long time. Fortunately the follow the Fed trade, preaching patience and form and some well placed trendlines have kept me and the blog on top of the action. I don't know how I stack up, cause I honestly don't look at any other chartists. I do know that it would be a stretch to find anyone that has called it as well as I have daily and intraday since the October lows. Here are the charts that have done it for me.

First - today's action Fed/rumor driven BS - Yellow channel support. There it is again. Amazing. Like I said this morning, "The purple support is now clearly in play at 1355 support level. 1368 is resistance."

Morning Market Commentary and Charts 02/27/12 #SPX $ES

The Oracle has gone batty. Shall we all cry shill bullshit on this - Warren Buffett on CNBC: I'd Buy Up 'Millions' of Single-Family Homes If I Could - US Business News - CNBC.

OK, STB has been all about liquidity for quite some time now and this week we get the big liquidity answer, well at least for the failing EU (on this side of the pond we still have "tools" and QE3 to deal with). The question is not if they will kick the can, but how high will they kick it. It is either go large or go home. See this,

"In other news, tomorrow the ECB will call for bids for the second 3 Year LTRO tomorrow, with results announced on February 29. And with the ECB's deposit facility at €477 billion, it is rather clear that the banks will park the bulk of new proceeds with the ECB once again, where it will continue to be a negative carry trade, earning 0.25% at a cost of 1.00%. And somehow this is favorable for the European sovereign bond market, which continues to ignore the various layers of subordination it is now working under. We expect the market revulsion to this flaw to be violent when it comes, and will result in a rapid and sudden divergence between the various subordinated tranches of sovereign bonds." Overnight Sentiment Negative Following Failure To Boost IMF Rescue Fund | ZeroHedge

Open Weekend Post 02/25-26/12

Not much to offer as far as commentary goes as we sit and wait in the hot liquidity bath for LTRO2 to launch next Thursday. Then it will be the Fed's turn to unleash QE3 (all while oil goes to the moon).

I'll update charts this weekend and if I find anything relevant (which is hard in this infused rigged market) I'll post it here. Feel free to share what you see and find below.

Share the love and the knowledge!

Have a great weekend.

GL and GB.

Morning Market Summary and Charts 02/24/12

Numerology day! Just sayin.

It is Friday thank goodness. Pretty sure most of you are happy to see the week coming to an end. STB is not as burned out as usual. I've grown accustomed to the BTFD trade and the Fed liquidity pump and the rumor induced ramps that never fade.

We all know the bullshit that is going on. We all know the farce that is the market or should I say the farce that is everything these days (other than debt serfdom to insolvent governments). Well, I say we all know. The few in the internet crowd that actually read and have an inclination to get involved (we, the few, that are the dregs of society that are actually so informed that they want to shut us down with SOPA and other measures) know. The rest of the sheeple don't give a shit as long as the governments just do what they are supposed to do and take care of all their needs.

Afternoon Delight 02/23/12 - The #Bensanity Continues

Let's start with the Chart of the Day - $ES 15m chart - covering the last two days. And to think, silly me, I was moaning this morning about possibly saying good bye to the blue wedge and yellow channel that have been magic for STB calling the shots since early January. I have rarely ever seen so many diagonals and support points in play. They are everywhere. The blue wedge is history for sure, but guess what? Another backtest of the yellow channel and could it, could it just get right back in there? Who knows, but the #Bensanity is over the top. The move today was right out of a comic book.

Morning Market Summary and Charts 02/23/12 $ES #SPX

Minis 60m - The green channel is something I'm trying. It has been moved from the one I was showing yesterday. This chart has it all, everything I am looking at. As mentioned it will be sad to see the blue wedge and yellow channel go away as they have been spot on for months now in allowing us to stay right where we needed to be on a ST and LT basis. That lower purple diagonal is the next major support which at this moment is right on the 1351 support line. Then you have 1341 and 1333. The red vertical line is the apex of the blue wedge. These points can cause major price action or mark specific moves of interest. The apex occurs in the 11:00 hour this morning.

Afternoon Delight 02/22/12 -

OK, see if you can follow the theme here, we're printing money so we can support stock market valuations and keep the Ponzi rolling along cause no one is buying our treasuries anymore.

This is really important and something the MSM is not going to tell you much about, but when they stop funding the system, we have to print to make up for the difference. Russia Dumps Treasurys For 14 Consecutive Months; China Slashes Holdings To Lowest In Over A Year | ZeroHedge "two things bear pointing out: the very demonstrative selling of US paper by Russia continues, and is now in its 14th consecutive month (as has been reported here consistently), as total USTs in Putin's possession declined to a fresh multi-year low of $88.4 billion, half of the $176 billion in October 2010."

This is a huge MUST READ report. Do you really want to understand the EU and Greece issue? This is the best report Mish has ever put out. Plain ind simple and what I have warned as the major issue facing the US and the EU - what happens when all that debt all at the same maturity comes due? "The ECB's balance sheet skyrocketed in the process, and banks that plowed into those 3-Year LTROs (long term refinance operations) at cheap rates will face a huge rollover problem when the program ends, if not substantially before then." Mish's Global Economic Trend Analysis: Liquidity Floodgate Set to Backfire; Transmission Broken; Shutting Down the Liquidity Spigot

Morning Market Summary and Charts 02/22/12

So all this momo, all this euphoria, all will be well, the government can fix everything, don't worry be happy bullshit was for what? Here we sit with no resolution, another few hundred billion in debt and all I got was this stinkin ramp job. I guess this headline kind of says it all, Greek 1 Year Hits 763% | ZeroHedge.

Even CNBS is getting in on the bearish headline act, so you know things must be bad, Fitch Cuts Greece, Near-Term Default ‘Highly Likely’ - EU Business News - CNBC. "Near term" as in the bailout that was on, off, on, off, on did nothing? Will those March dates STB's been pointing to (9,13,20) mark the end of times for Greece (and subsequent CDS holders - Greek Crisis Raises New Fears Over Credit-Default Swaps - CNBC )?

Everyone here at STB knew it was all a bunch of crap. A total tragicomedy as the politicians try to get out with the most cash wile the sheeple get herded to the bankster's slaughterhouse. Let me say it again, nothing can save Greece, nothing. Default is the only way out and thanks to the Germans this nightmare may finally be coming to an end. Let's just hope that in all of this "planning" they have been doing some sort of doomsday scenario has been thought out and how they will combat it. As TD would say, "CTRL-P".

Afternoon Delight 02/21/12 $OEX $NDX $TNX #CPC

What a mess.

Here are a few charts -

NDX - This is the chart I was showing earlier. That last pop on the right above resistance is remarkable to say the least. The upper monthly BB is now solidly in play which should cap things (well, in a non liquefied real market it would).

Morning Market Summary and Charts 02/21/12 #SPX $ES

Fat Tuesday, I wish I could give up the Follow the Fed trade for Lent, but that's not gonna happen anytime soon. That may happen in March or closer to Easter. I'll let you know what I decide to sacrifice tomorrow and how my progress goes throughout  the season.

For those that missed it, STB turned 3 years old last Saturday. Many thanks to all for the tremendous support over the years (RC and Inc being the original crew deserve special kudos - the current crew is as good as it has ever been). I also need to thank Tyler at Zero Hedge, Karl at The Market Ticker, Mish at Global Economic Trend Analysis and all the others that have me in their blogrolls for their continued support. STB strives to deliver accurate market calls, news and information that all can use in a free space. STB is for the little guy. STB is for the do it yourselfer (or professional) that needs to hear real news and honest analysis not Wall Street MSM spun bullshit. Thanks again for reading and supporting STB.

$ES Charts 02/20/12

Happy President's Day - I'll be around. Thought I would throw up some minis charts to celebrate the higher highs and overthrow of the rising wedge.

5m - Nice new gap.

Happy Anniversary STB!

Today marks the third anniversary of STB - more celebration and a larger post on this on Monday.

Open Weekend Post 02/18-19/12

Share the love and the knowledge!

I'll be hit or miss this weekend.

GL and GB!

Morning Market Commentary and Charts 02/17/12 #SPX

30m SPX -

GL and GB!

Afternoon Delight 02/16/12 - Charts

Patience and form. IMO they are getting as much altitude as they can before the net turn, Really putting on a show for the sheeple to get them as complacent and sucked in as possible. March dates for FOMC, EU and Greece loom larger every day.

Daily SPX - Indicators embedded and diverging for months now. As a bear I like that NTMO falling off a cliff.

Morning Market Summary and Charts 02/16/12 #SPX

Anatomy of an over bought, over extended, Fed pumped, rumor driven, SB market that feeds on lies and your future tax dollars like some beast from hell.

SPX 60m - I think we topped yesterday, but there are no guarantees to that. Forget #Linsanity, this is #Bensanity. Not really worth commenting on as the market will do what the fed wants it to. More BS from the BLS this morning to pump the stump for Obummer is further proof of this election year corruption we're gonna have to deal with. 

Afternoon Delight 02/15/12 - Lots-o-charts

Here are a bunch of charts I have not shown in a while - see if anything registers with you.

So the Trannies are leading -

Or are they so far ahead they are just getting back in line?

Morning Market Commentary and Charts 02/15/12 #SPX

It was not Jim Dandy to the rescue. It was China. Then it was not China (again and again for like the 4th time - hint when things look their worst throw out a "China is coming to bail us out" rumor and that is a great temporary fix). The China soft-toss is always good for at least 10 points. Rumor Regurgitation Time: China To The Rescue... All Over Again | ZeroHedge

Of course you can also throw out a rumor that a politician has flip flopped his hard line stance as well. That will get you 10 pints and stop a slide easily. Market Spike Driven By Latest Bout Of Idiocy Out Of Greece | ZeroHedge

So here we are as usual 20 points higher than yesterday's support break and near failure on two refuted rumors but the markets remain and do not give back what they fraudulently took. Rinse/Repeat. The "rumor" train must be one of the Fed's tools that the Bernank said he had to use when needed. SEC, FINRA, regulation be damned as long as the markets go higher any method is acceptable and nothing is apparently off limits.

Morning Market Summary and Charts 02/14/12 #SPX

First, Happy Valentines Day to all! Every weekend STB starts with "share the love and the knowledge". That really happens here every day as the core commenters do a fantastic job sharing market and news insight. February 18th marks the 3rd anniversary of STB. Many thanks to all for helping make STB the success that it has become. We'll keep trying our best to wake up as many as possible to the truth until they shut us down one day.

Enough of the love fest. I'm not feeling much love for the government, Fed, treasury, IMF, ECB, SEC, DHS, politicians everywhere, Wall St. or the banking elite (just to name a few). Why bother report anything anymore on the markets? What's the point when the markets are totally controlled?

Well, the point is that they can't maintain this forever and we need to do our best at timing the markets to capitalize while we still can. Technical analysis has been the only proven method to maintain any integrity or reliability thru the era of QE levitation. Actually the combination of TA and following the Fed has been spot on.

Afternoon Delight 02/13/12 - LMAO A "Budget" Proposal

Collateral? HA! Remember a few months back when someone brought up the insanely stupid idea of using collateral to back a loan. HA! Try introducing any sort of sound principals to the global debt game at this juncture and watch it collapse. Heck, at the current rate all the Greek collateral will be in ashes at best. This system functions best on fantasy and fiat. Well, guess what Finland just threw out there to throw the proverbial wrench in the tragicomedy that is the Greek bailout crisis? Is Greek Side Deal With Finland On Bailout Collateral About To Kill Greek Rescue Again? | ZeroHedge

Let's get into the US funding (some call it a budget) and economic issues in some detail shall we - Happy days are here again!

Your president is failing you again all in the name of keeping the peace and pacifying the entitlement state in order to improve his reelection bid all at the expense of our future. I guess it is never to late to solve a problem, so kick it on down the road. "President Obama made a pledge to cut the deficit in half by the end of his first term. Instead it exceeded a trillion dollars for four straight years." Mish's Global Economic Trend Analysis: Obama Proposes Massive Tax Hikes, Still Comes Up With $1.33 Trillion Deficit; Obama's "Race to the Bottom" Education Proposal; Dysfunctional Congress

Morning Market Summary and Charts 02/13/12 #SPX

So we have something but still nothing with Greece. It is resolved but it isn't. So, what's new? Reading that the next elections are just a few short months away and the front runner is already positioning to renegotiate said deal, poof, it all goes up in smoke again. Sadly the Greeks just don't get it. They are the first slave state on the planet wholly owned (but not controlled yet) but the central banking cabal. I believe this is the "denial" phase where they think they are still independent but in reality are powerless.

That leads to several questions, but mainly, at what point in time does someone in power just come out and tell the truth and get this over with. End game occurred years ago when Greece's government took the easy way out and allowed entitlement and tax evasion to run rampant instead of forcing fiscal responsibility on the country (sound familiar?). $320 impossible billions to be paid back later and the idiots leading the EU still want to loan them even more money (printed from thin air by other bankrupt institutions or countries). If that does mot magnify the depth of the problems for you then you need your eyes examined.

Open Weekend Post 02/11-12/12

You know the drill, share the love and the knowledge.

First some props for STB - Top 5 trading blogs of the week: 9 Feb - Welcome to YTE Blogs. This is the second time they have bestowed this honor. Thanks YTE!

A couple of charts to show you what may happen. They have done us really well since early December. Right now we sit on pins and needles as support barely hangs on. Things really don't look good. We've all been watching this top set for weeks now. Can the Fed run it another month, or has their team splintered and been given the OK to take profits here, let the markets fall and then set up the move for QE3? Greece is hopeless and everyone but the bulltards knows it.

Minis 4hr - long - More detail with the chart below, but you can see the yellow channel we've been working for months running into resistance (red).

Morning Market Commentary and Charts 02/10/12 #SPX

Something like $18 billion? That's it? Chump change. The Fed can print that in a day or two (they can manufacture it electronically in nano seconds). That is what stands between Greece being saved or the potential EU collapse or the possibility of the CDS being triggered on a default. That tiny amount can lite a fuse that sets off a multiple trillion time bomb. Why can't they just give them the next big fat bailout and lets things just keep on rollin? Well, when the broke have been lending to the broke and everyone is printing funny money to make the world go round, something at sometime in the cycle has to break. Welcome to that point.

SPX 60m - I've been showing this wedge for a while now and preaching patience. Last night in the AD I showed this with the VIX's divergence to price. I think it will be safe to finally say the wedge has busted after the open. Key support points and fibs are on the chart. This wedge busted once before with that dip at the end of January. I would not be surprised to see the Fed and the bulls fight back. This is the most solid negative action we've had in sometime which is a huge plus for the bears. It has been building.

Afternoon Delight 02/09/12 - A Quickie

Gonna make this a quickie tonight. Sorry ladies. Usually the Afternoon Delight offered here at STB is long and strong (sometimes too long and strong for some). This afternoon we'll have to take what we can get. Hey, sometimes it's not the size that matters, right? Wrong? Let me prove it to you.

First, since STB is always discussing the Fed and its "short comings", maybe you need to know a few more facts about the entity (non-governmental mind you) that is stealing every penny of current and future tax dollars to fund the crony capitalist state. 10 Things That Every American Should Know About The Federal Reserve

We've all heard a lot about Greece recently. STB has done a fantastic job not reporting on all the BS, letting it flow right on by and waiting for the climax (that will never come cause it can't - ouch!). Well, were finally close and guess what? The markets don't like it. I've told you for quite some time, win or lose, this would more than likely be a sell the news event. Calm Before The Storm? Credit Plunges As VIX Futures Jump Most In 2 Months | ZeroHedge

Morning Market Summary and Charts 02/09/12 #SPX

Early post for early comments -

LMAO, from my comment at the close yesterday - Pretty much nailed it.

"Now a little dip overnight to 1342 to set the RS of the IHnS and a ramp to 1352 in the morning! Yippie! Not a call, just a possible set up that exists. Funny seems you have about a 98% probability of being right if you predict the markets to go up. Simply amazing." Shanky's Technical Analysis and Market Commentary: Morning Market Summary and Charts 02/08/12 #SPX #policestate

We all have pretty much figured out that it is their world and we're just lucky to live in it. I'm not gonna rail this morning. I've done enough of that (at least till this afternoon's AD). There is really not much to focus on in the markets either. Well, there is a lot, but nothing matters as the markets are focused on the Greek bail out and the Brenanke Put has things rolling along just nicely thank you very much.

There is this 60m rising wedge we've been following for quite some time now. It started out as a smaller sub-wedge inside the larger black wedge. STB's call was right that there would be a small corrective and the move would continue, but the black support never came into play, so STB simply adjusted red wedge support and here we are.

Afternoon Delight 02/08/12 - The Coming Chaos

From the man who should be our next president. Listen very carefully. He's been right for decades and lays it out for you plain and simple. Heed his words. This is not fear-mongering, this is reality.

Ron Paul: The Coming Chaos - YouTube 

I can't add much to that. I just hope you believe his words. That you can internalize them and join the movement for real change. Change that matters. Not false political hype "hope and change" bull that has been spoken in the past. Ron Paul is the only candidate now and in the past that has spoken the truth, been totally correct on economic matters and is spot on about what's coming and how to correct it. Please support Ron and do what you can to promote his cause.

Morning Market Summary and Charts 02/08/12 #SPX #policestate

I have to start with this. In all seriousness, the market's overall importance pales in comparison to what the government is doing to expunge your rights as a citizen and basic qualities of life as a human. Why or how does this relate to the markets? Simple, when the great default comes and the markets basically lose 90% of their value because the Fed's policies have failed the sheeple and made the elite richer than ever, they need policies in place (can you say NDAA) to have us suppressed and containable.

So are you a potential terrorist?

Here is some of the the DHS information:

Afternoon Delight 02/07/12 -

Money, it makes the world go round. that saying rings louder now more than any other point in time. That is so because the amounts of money needed just to keep the debt bubble inflated and countries from default is exponentially growing day by day. The top of the post I cover the markets, but I ask that you terrorists (yes, you by definition) spend some time in the police state section tonight.

First watch this -

Morning Market Summary and Charts 02/07/12 #SPX

It is a tough game. Emotionally it wears you out as a bear. I'm not sure how bulls feel. Do they have emotions or do they stress about tops (I doubt it with the Bernank's Put in full bloom)? The bears certainly do. The poor bears are thrown under the buss with every technical signal being crushed one after the other as the manipulated markets climb the wall of stealth QE on the backs of HFT platforms stuffing "liquidity" and "volume" as the can is kicked further down the road every day.

Fundamentals, growth, employment, housing, endless easing, corruption, all are what the bears see as reality. What the hell do the bulls see? Oh, yeah, valuations say buy, buy, buy, and of course endless QE. Oblivious and with blinders on they follow their Wall St. mantra to gore the sheeple as they lure their investments into the fraudulent markets to skim and steal from the ignorant. Heartless acts to benefit them, their beach houses, BMW's and mistresses (and a few coke habit's although that is so 90's).

Afternoon Delight 02/06/12 - Grinding Teeth

You are tired of hearing about it and I'm tried of writing about it. The soap opera/tragicomedy that is Greece and the default drama has run is course. The plot has grown tired and viewership is waning. At least we know at this time the series ends on March 20th. Let's just hope it does not have a 4th season in production. The show's expenses are not justified.

Market participants know exactly what's going on. They are no longer fooled and understand the fuel of the markets is nothing more than exponentially expanding debt that will eventually destroy everything. The public has no clue as the "recovery" is a well disguised debt ridden repeat of 2006 illusion designed to get everyone to spend again. You have heard me refer to this probably hundreds of times now.

Morning Market Summary and Charts 02/06/12

So Greece's issues got solved last night right on time. Wait, they didn't get a deal done? They got delayed again for the Nteenth time? Is that a surprise? Not really. What you have to remember is that Greece holds all the cards. Think about the idiocy of all this. Loaning billions to a country already deep in debt that relies on tourism, Ouzo and grape leaves as its primary revenue source. Then thinking that austerity measures would be enough to manufacture funds that could support that debt. So, rather than face the default you just keep refinancing and adding additional funds on top of the one's that can't be repaid in the first place. Truly amazing stuff this Keynesian system.

I'm of the opinion that a major reason for the delay is they know they are going to default and the banksters are working out the default scenario. If the March 20 repayment date arrives and no rescue funding is printed before then, look out. After the next FOMC meeting and the EU summit in early March things will get very interesting if not before then.

Open Weekend Post 02/04-05/12

You know the drill, share the love and the knowledge (while we still can freely).

I'm not going into the BS with the BLS or anything else in the post. I may address some of it in the comments this weekend. As usual, Friday comes and I'm spent and even more frustrated (not mainly with the markets or price action, but with the destruction of the country and total disregard for the law and as politicians continue to spend their way out of the mess and never solve any problems) than the Friday before. Rinse/Repeat

Let's focus on something different today. We could all use a little release from reality (well, that is the "we all" that get "it" and do not permanently live in fantasy land).

Morning Market Summary and Charts 02/03/12 #SPX

All is well. Forced risk on is doing its job along with the BLS BS. Hopium induced trade inducing euphoria to make you ignore the underlying rot that plagues the structure. Remember this is an election year and the Fed has their back against the wall.

Santelli notes ZH and their fine work telling the real story behind the jobs numbers. It is simple to manipulate the data when none of it is real in the first place and is all "model" based. When 1.2 million of your participants that negatively effect your data fall off the backside it makes the end result look much more positive than it really is.

Afternoon Delight 02/02/12 - Dare I Even Think It?

Ok, let's get this over with quickly shall we. Down and dirty. Just the facts.

We're traversing a cliff higher than those on the side of Everest. One trip, one slip and it is a long way down with little to hinder the plummet to near certain death. For this reason all the powers that be are fully coordinated or integrated (legally or not) to combat navigate the extremely difficult terrain we face the rest of the journey (no- it never gets nay easier only worse).

"central banks of the world have embarked upon what Goldman Sachs calls an 'Unprecedented Alignment of Monetary Policy Across Countries'." Unprecedented Global Monetary Policy As World Trade Volume Craters | ZeroHedge Why are they all joined at the hip if the recovery is swimming along and the EU crisis is not really a crisis? All is well, so why all of the unprecedented coordinated effort?

Morning Post 02/02/12 #SPX

There really is not much to talk about unless if you want to speculate how big the haircuts from the Greece deal are going to be? How long till the Greek crisis has some sort of resolution? Can there be resolution? Who's gonna provide the funding? Will they simply default and what are the ramifications of a default? This drama has been going on for several years now. What used to be 1 year periods between funding crisis dropped to 6 months and is now almost a monthly event. At the same time the costs just keep going up with each round of funding. We here at STB knew it was a never ending spiral of debt early in the game, but they had to save Greece for some reason.

All that said, all traders can do is sit and wait. It appears the central planners have learned there are benefits to markets in perpetual limbo that are kept guessing as to whatever crisis resolution of the week is in play. I have a funny feeling thee volume less markets are focusing on the right hand of the magician while they need to see what's happening in the left.

Afternoon Delight 02/01/12 - Ragin At The Machine

Ragin at the machine can get old and tends to wear on you after time (both reading and writing). The emotional swings one goes thru watching your country, future and everything around you permanently relying on intervention to save the day all the while waiting while knowing total implosion is one default away. Remarkable times we live in. Have no fear, STB will won't stop ragin till ACTA or SOPA pull the plug (that is here at least).

The crony capitalist system is in full control, printing when they need it, controlling the government to remove what little roadblock regulations (Dodd/Frank a tragic waste of time) are remaining and the MSM to sell whatever angle needs to be transmitted to the sheeple.

Here is the full control example - For those of you that don't quite "get it", lets start with this video explaining the dire circumstanced that lie behind the Greek /default/bail out deal. Jim does a fantastic job explaining why the system can't fail till it does. Breaking News Ellis Martin Report with Jim Sinclair - YouTube (h/t lurker Susan)

Morning Market Commentary and Charts 02/01/12 #SPX #Gold #EUR/USD

I'm already annoyed enough with all the EU bull and the hopium trade, then I see this headline this morning, Is the Facebook IPO the Start of Another Tech Bubble? - CNBC. Yes, some dork gets paid to write shit like that. I may have to totally rework the blog to a hopium induced orgy of green shoot bullshit. How's this sound for a first post - Unicorns Take It Up the Ass And Shit Gold Bricks - Is There One With Your Name On It? I bet it would get a gazillion hits. It would be picked up by the AP and poof I would be the next hottest guest host on CNBS. The whole entitlement crowd would be searching far and wide for their take of the load. It is not St. Patrick's Day, but I think the groundswell looking for the loot would look something like this.