Friday, June 29, 2012

Morning Charts 06/29/12 $SPX $ES

All that over nuttin? I've been leaning that they will come up with some solution (that will only temporarily work before complete and utter destruction occurs), but only after the market has fallen to a level (1170 or as low as 1040) where tolerance no longer works and action will be mandatory. The only reason any of this BS matters is near term market reaction. Was it just yesterday I was discussing the missing ramp? That their playbook seemed to be off and the markets were not reacting to the rumor mill as they have over the past three years? Sorry, I was a day early.

Maybe you should read (sorry, it is on cnbs) Jim Rodgers interview where he gives his thoughts on the coming financial Armageddon.  

Bottom line is it is Friday before America's biggest holiday week. They had to throw out something to get the  sentiment going in the right direction right or wrong, true or not. Price is back at the upper end (over 1341 minis) of my consolidation range. (could this be yet another right shoulder launching pad if yo a low volume holiday week climbing the wall of worry with potential impending bank holidays for the 3rd year in a row?

Who knows? I do know one thing and that is I tired of this shit. I'm tired of watching the ruling elite ransack what's left of the globe. I've got a lot to say about this and the upcoming holiday which will most likely be in classic STB rant form as I'm closer to imploding than the markets. I'm ticked off yet again. 

Minis 4hr - I updated some of the ST charts last night for your convenience. This chart is ToS but from a different computer so it is a bit different. Bottom line is 1341 resistance and the last top at 1357 are major players here. It is possible an STB point exists the week of 7/24 near the 1390 level. 

I'll be around today. If you have not figured it out I'm posting from RC's time zone and am on vacation in the smoky hills of CO.

GL and GB!

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