Morning Charts 07/10/12 $SPX $ES

MFG, PFG what's the difference? Well, we'll see just how well they are connected up the ladder. We all know Don Corzine was made of teflon. Will the same non stick coating apply to the PFG executives? If you have no idea what I'm talking about, there was another client fund issue yesterday, this time it was only $220 million that went missing (just a billion short of the last incident - Oh, and JPM is in the background once again). PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized

This morning I could not put it any better than this post from Zero Hedge, “SSDD. Europe has a late night conference, regurgitates stuff, gives no details, makes lots of promises, peripheral bonds tighten only to blow out, etc, etc, etc. Seen it all before. Unlike a week ago, Spanish bonds, when Spanish bonds ripped by 1%, this time we can barely muster a 25 bps move tighter, with the 10 year "down" to  6.82%. It was 6.25% a week ago. Expect the blow out as has been empirically proven time and again. Hint: there is no magic money tree nor is there a magic collateral tree.” Overnight Action: European Knee Jerk Fade



Earnings season is upon us. Expect more from me on this in a separate post. At this time, as I have done in the past 6 or so quarters, I'm considering waiting on an any rash market decisions till AAPL reports. I think that trend may be cooked though. Here is an earnings calendar US Earnings Calendar for July 10, 2012.

In case you missed this IRAN LEADER: WE MUST PREP FOR 'END OF TIMES I think you may want to know what they are prepping for. This is an unusual event. It is not often the Ayatollah speaks with such a severe message. I guess when you are in the process of pissing on Superman's cape and you saw what happened to your neighbor when they did the same thing you best start warning your people.

Minis 30m - Nothing has changed. Still in a holding pattern. Earnings will only add to the distraction and provide even more data points (re: rumors and speculation) to screw with your trading on a daily basis.

More to come below.

GL and GB!