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".



Minis 15m - Pretty simple for those that have been playing along - Blue wedge overthrew Monday. Blue wedge ends tonight (no more room at the inn). Blue wedge support gave way yesterday afternoon and price fell to yellow channel support. Back up to backtest busted blue wedge support this morning. Down thru yellow channel support and stopped at the white diagonal that held at the old STB 1338 call. This should be it, but liquification still raises all ships and until the Fed turns off the spicket, nothing other than a churn up is guaranteed, That purple diag in the lower right corner under 1351 support near 1347 is a new support diag (they have so many now).

Minis 4hr - This is the crap I have to sort thru and deal with - Support is everywhere. It appears that 1320 is some sort of major area that looks like it will be defended if things should turn for the worst.

SPX 60m - Well, what can one say other than the wedge either plays out or they just keep the dream alive. Double fib convergence between two support areas just under round level 1300 near 1290 would be a good spot for a target if this thing should let go (impossible I know, so I just point out the possibilities for shits and giggles)

As usual I make call all day in the comments section below and tweet updated and relevant charts. If I can maintain some sort of interest long enough (the fall/ramp/stagnate trade is getting a bit tedious) you'll get some intelligent insight from me. If not the core is always throwing out some great stuff below.

Patience and form, how many times will I have to type that I do not know? I think we're really close now. The market has tried to fail 3 or 4 times now. They have lulled most to sleep and turned expectations that this ramp will not ever end bringing in the lemmings and herding them at the top of the cliff. Get ready, cause this turn can happen at any moment. I believe there will be a fake out turn and one last burning of the bears as a bull trap top may be the final move to place the noose before they pull the trap door.

GL and GB!


UPDATE:

Minis 15m -