Friday, June 15, 2012

Morning Charts 06/15/12 $SPX $ES

Not much need for commentary today. Either we wake up Monday and the world is still here or it isn't. Well, it is not quite that severe, but you get my drift. You can not underestimate the systemic risks that an event like Greece leaving the EU would bring. If you thought the LEH crisis was a big deal in '08, HA!, wait till you get ahold of this puppy.

Not much need for charts today either. Sure we got opex and SPY max pain is at $134 (which is spot on a double top first major resistance point). Right now pretty much all the charts favor a bunch more downside except the daily.

My suggestion is to have powder dry and react. If you guess right then good for you. If you guess wrong, you are married to it cause stops will get blown out. One thing that is for sure, and as discussed here for at least a year if not longer on STB is the diminishing returns of QE and stimulus packages. Here we go with another of those smarter and more eloquent than thou posts that confirms STB's thoughts,

“but most importantly the euphoria such an announcement would have created before is now completely gone (as per The Diminishing Returns Of Central Planning). What is actually worse, and how the G-20 rumor may have backfired, is that as we pointed out, suddenly there has been a significant shift in expectations: if Syriza does not have an outright win on Sunday then there will be no immediate central bank response, which was predicted to be "if needed".” per Zero Hedege.

The bulltard case for unicorns and fairy tales of recoveries is finally withering away. This decision, either way, may not end things here, but, either way, it puts us another step closer to the ultimate demise of the global financial syndicate.

Minis 4hr - Consolidating. 1341 to 1306 is your range - which should not matter Monday.

SPX 30m - Inverse HnS targets 1403 - not a call. but it is really clean and needs to be respected.

Have a great weekend! I'll do a Sunday night post to discuss the Greek Vote.

GL and GB!

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