Wednesday, May 30, 2012

Afternoon delight 05/30/12 - The Waiting Game

Today's action in the futures while the market was open. Support to VWAP and a 7 point spread. Price is consolidating above the red support diagonal (s/r off the '07 and '11 tops) while obeying the VWAP as resistance. As mentioned this morning the minis have three support point between here and 1300.

So, why all the dullness? Simple, no one knows what the heck is going on. To bailout or not to bailout. Neither side is winning the argument enough to drive the market in one way or the other.

I suggest you read Mish's Global Economic Trend Analysis: EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%; ECB Rejects Madrid Ponzi Refinancing Scheme.

GL and GB!

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