Wednesday, June 27, 2012

Morning Charts 06/27/12 $SPX $ES

Sorry I'm late, but the front lock to the office busted and I could not get in. That's OK there is nothing going on but a little bleed up into the EU meetings on the slight hope (not rampant hope like there used to be) that a solution (LMAO) will be found for the crisis. Tempers are flaring and the few remaining somewhat solvent countries are tired of funding the supremely insolvent perifery.

That kinda tickles me as now they are getting to know what it feels like to be a US taxpayer. You know, a contributing member to society that actually produces something and is tired of feeding the ever growing and ever needy leaches of the entitlement class? So, can you sympathize with Merkel going into these meetings?

The holding/consolidation pattern continues as the elite banker assholes and politicians powers that be meet to try and hash out where the next trillion or two in bailout money will come from. If I may interject and give them another agenda item - they may want to start working on the next two or three rounds of bailouts at this time, because the last couple did not last that long.

Minis 30m - still waiting on some sort of form to develop. The channel yesterday is gone and a possible blue wedge has formed. red diagonal support held like a champ at 1305. Possilbe STB point at 1341 tomorrow afternoon.

GL and GB!

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