Waiting on the White Knight of Cash to show up and save the day is all there is to it. The markets (not bonds) simply wait and hope and pray and believe that all will be well. The greed that persists and the desire for mo money mo money mo money rules sentiment as price hangs on to critical support waiting on the next round of bailout funds to show up.
Sorry that the posts have not covered all of the BS that flows daily. I'm a bit tired of rehashing the same old story that's been going on for about 4 years now. The basic theme is everything sucks, we're doomed and the central banks will print and keep the dream alive that all is well when it really isn't.
The PIIGS are in tremendous trouble and things are only getting worse. The markets (not bonds) shrug it off and retain levels that should be reserved for a thriving economy and one that has quite a growth prospectus not one with massive debt and employment issues that has done nothing but stagnate held up by massive debt expansion and currency devaluation.
Time is short and a big move south is coming. the CB's are out of bullets and the markets are finally starting to figure out that they Fed/ECB/BIS can not print their way out of this mess and with every turn of the fiat printing presses the situation actually worsens it does not get better. Soon, there will be a major default, soon the walls will start to truly start crumbling down.
Minis 4hr - the blue wedge has cracked and the red support diagonal (off the 2007 and 2011 highs at 1305 is all that stands in price's way of falling rapidly back to the 1265 level. The markets are cooperating with my consolidation call nicely that I made back at the beginning of the month. 1301 and round level support add the the floor that price needs to break here.
SPX 60m - You can see clearly the falling wedge (1) and the rising wedge (2) and the failure. If this is a 3 then things should get really nasty quickly. If not then more consolidation is on the way as this leg churns out before things get worse. Note that I left out the possibility of things getting better all together.
SPX Daily - For what seemed like an eternity this chart was the only thing that looked remotely positive in the TA landscape. It did its job, got the mini corrective that it pointed to and is now reversing mid stream (for the most part). the weekly and monthly charts are running the show now and they still look rater ill.
As usual, more detailed charts and calls can be found in the commentary below.
GL and GB!
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