Wednesday, June 6, 2012

Morning Charts 06/06/12

Well the Transit of Venus was something spectacular to see. Now the Transit of Bailout comes for the fourth time in four years. All I can say is that everyone should have seen it coming. It was only a matter of time. Granted we're still only in the rumor phase, but the bulltards are back at it again.

Most everyone knows that any effort to solve the debt crisis with more debt has not worked so far (only worsened the overall problem) and this time will be no different. That does not matter as the sheeple are all conditioned to buy when Mr. Buffet says buy and to follow the CNBS state propaganda line to death, buy, buy, buy.

We've been discussing the last great stick save from several angles for at least a year now. How far would they let it fall and so on. It appears their hand was forced a bit early this time due to the very real crisis in the EU, diminishing economic trends in the US and a potus (I capitalize nothing relating to captain hope as it is not deserved) that needs a lot of reelection help. They were also short changed in achieving the level of shorts required for the proper massive squeeze.

Minis 4hr - Green wedge down still in play and the blue expanding wedge of 1264 is rising with price at 1301 and purple diagonal support resistance.

Minis 30m - A closer view. You see the massive hole where no s/r resistance exists I mentioned yesterday. See this even further drilled down in the commentary below.

EUR/USD - Channel resistance has been violated.

We're still in wait and see mode and the ramp (barring further confirmation and rumors).

More charts to come below and on twitter.

GL and GB!

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