Wednesday, March 7, 2012

Afternoon Delight 03/07/12 - Nitty Gritty

We've reached the moment. That time when big boy decisions must be made. No more time for BS. Let's get ready to rumble. Of course I am just kidding about all that. It sounded good though. What a joke. Do you really expect governments and banks to come together and actually accomplish something? Seriously? What happens with the Greek PSI deal tomorrow? We can all assume that the deal will (once again) be delayed or put off till whenever, which at that time it will be put off again. They do have a definite end date though - March 20th.

Denninger does a nice job explaining the PSI ramifications here Greece: Are You READY? in [Market-Ticker]. "We are quickly running out of time in America and Europe appears to be the trigger that will force our hand.  This does not surprise me; the only surprise is that we've managed to get away with our obfuscation and lies for as long as we have."

STB got it right with the fall to 1341 support yesterday and then the rumors came flying and lift off occurred (Wall Street's Knee Jerk Responses To Hint Of More QE and Stocks, Precious Metals Spike On Report Fed Considering "Sterilized" QE | ZeroHedge). Of course the rumors were about about additional QE. The same QE that they had been dismissing for a week or so now. How predictable? Very.

What else was predictable that I told you would come? Positive economic data! Yeah, that stuff, the goods, the manipulated BS that taunts the recovery. BS you say? Dig this BS - January Consumer Credit Surges As Government Blows Student Debt Bubble To Epic Proportions | ZeroHedge. Don't be fooled by the headlines as the government dumped nearly $28 billion into student loans (yes, those same student loans that are the next "bubble" to burst). (real) Consumer credit actually declined $2.9b - not good.

For those that have not seen it already and would like a great explanation of why gas prices are the highest they have ever been in the winter months (and no, it has nothing to do with the price of oil or "speculation", you need to watch this video. The Bears Explain The Price Of Gas (Special GOP Primary Edition) | ZeroHedge

The markets will not let the hope of QE die. They pull the QE and BS data cards every time they need them. Now price sits under green diagonal backtest in the 1351 to 55 resistance area waiting on the Greek PSI news tomorrow. STB speculates the decision will be delayed, but there are no guarantees this will happen. This is a much more difficult moment to call. There is definitely a bit of mystery going into tomorrow.

Minis 30m - The yellow channel finally gave way and then support was taken out one by one, purple, blue and then green as the fall to 1341 support was on. Now STB has been looking for a backtest of something (there are so many possibilities). Stopping the backtest today just under green diagonal between 1351 and 55 s/r points may have been it. We will know in the morning. this is one of those points where market failure is a real possibility.

I'm not going too deep into the charts tonight, cause this is really one of those points of potential disaster or another fantastic stick save. There are plenty of charts in the chartbook if you want to look. I also gave downside SPX cash targets here #SPX Cash Downside Targets.

Obummer Bashing - 

The Breitbart video will be released on Hannity tonight at 9:00. THE VETTING: Ben Smith Releases Selectively Edited Obama Race Video.

Obama Re-Election Credited With Burst of Gun Sales | NBC 5 Dallas-Fort Worth

Trump: Obama will start a war with Iran to win re-election | The Daily Caller

In the World of Science - 

"Many consider these giant skeletons to be one of the greatest unexplained mysteries in the world, and hopefully this latest discovery will spur more research in this area." Has A Nephilim Mummy Been Found In Peru?

Shanky's NCAA Tournament Challenge - 

We're already up to two in the group! Link to sign up is here Shanky's NCAA Bracket Challenge.

GL and GB!

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