Friday, March 2, 2012

Morning Market Commentary and Charts 03/02/12 #SPX $ES

I don't have much to cover news wise this morning. The liquidity train in the EU pulled into the station and got a full tank and is ready to roll again.

Here is the scam, the fleecing, the theft in broad daylight that the banksters that hold the world hostage (cause they are the only ones that can print money) are pulling off - "roughly 800 European banks will bleed by €6 billion in the next year just to store their cash with the ECB." What Carry Trade? Euro Banks Deposit Entire LTRO 2 At ECB, Bring Total To Over $1 Trillion | ZeroHedge. So they print money from thin air to infuse an insolvent banking system only to immediately receive all of it back in deposit and collect 75 bps in the process - BRILLIANT. Where does the money come from to pay the loss on the carry trade? Your pocket and mine. That's fucked up and the sheeple of the world do nothing. that's even more fucked up.

I must ask you to pay attention to the fact that Sheriff Joe and his posse proved legally that Obummer's birth cert and selective service card are forgeries. This is a law enforcement agency folks, not just a bunch of digital dickweeds. Bottom line is that Obummer would not qualify to work for the sheriff's office based on their findings and he's still our president. Talk about fucked up stuff. Please don;t let this die as the controlled MSM will not touch it. Sheriff Arpaio: Obama birth certificate a 'forgery' - Washington Times

OK, now for the fun stuff. Sadly we lost Andrew Breitbart yesterday (and Davey Jones) bless his soul and his family. Have you heard the juicy stuff surrounding his death? Let the assassination theories fly. Dude had dirt on Obummer. "In a stunning coincidence, It appears Andrew Breitbart suffered his untimely death just hours before he was set to release damning video footage that could have sunk Barack Obama’s 2012 re-election campaign." Breitbart: “Wait ‘Til They See What Happens March 1st” Alex Jones' Infowars. You may want to watch The Mysterious Death of Andrew Breitbart: Infowars Nightly News.

Minis 60m - Bored? I sure am. Yellow channel support is resistance and then purple support diagonal - rinse repeat. We may get a sell the news event today and see support go. Patience and form still rule here at STB. Oh, and follow the MFing Fed of course. Key dates still lie ahead on March 9, 13 and 20. I think we get the break this month, but nothing is ever guaranteed in this manipulated POS things the still call a market. As usual all the calls come in the comments section. I've killed it all year really not missing many (if any) calls so far (I believe the board will attest to that - if wrong please tell me). It is not that hard when you 1) follow the liquidity and 2) have some really good TA behind that.

EUR/USD 4hr - As noted earlier this week backing off yellow channel resistance, busting green wedge support, now at $1.32 support just above blue diagonal support. That lower heavy green diag near 1.26, that's major league support going back to 2002.

AUD/JPY - Dig the interaction with the weekly 200ma and that 3 year channel that has range defined. So, possibly up to channel resistance and then you can look for a test of that 200ma or lower channel support rinse/repeat.

Gold /YG - That yellow channel starts in '08 and has dominated trade for years. Blue wedge breakdown and backtest to collapse does not look good. That is a no BS candle. What gold may want is a test of yellow channel support or a backtest of the breakout where the green resistance diag was taken out. 03/05 at 1630 would be a cool STB point where green and yellow meet, but I'm not going there. Still, something in the 1630's is not out of the question for solid support area.

Silver /SI - Channeling down off the highs. See that pink diagonal running tru the chart - that was market resistance since 2003. that line is a big deal. Combine that with 33.72 resistance and the upper channel resistance off the top and now you know why silver is struggling to break out here.

Oil /CL - Who the heck knows. The only sure thing is that it is challenging LT diagonal (blue) resistance and may have broken out (wars, pipeline bursts and those evil speculators will cause that stuff). Green channel 50% diag resistance may have a say here. Support is $103ish.

Oil Comp Chart - Maybe that inverse dollar correlation thingy is back? STB speculated that would break and they would correlate months ago. Glad things are back to normal. Sup whit BNO?

Have a great weekend!

GL and GB!

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