Thursday, August 2, 2012

Morning Post 08/02/12 SPX /ES

My favorite headline this morning is GM's Earnings Fall 41%, Better Than Expected (from CNBS of course). What can be better than expected about a 41% decline? Doesn't that sum up everything so nicely? It is so, nonchalant. It's like trying to say to the sheeple, "Damn, this is some good shit. You need to be buying into this great American story!" Better than expected!?!? Really? (as they slowly ship GM to China one piece at a time.)

What a joke this whole hope theme has become. Here we are almost 4 years into this "hope" BS and what has it gotten us? Hope is BS. Doing nothing while relying on the government to do everything is BS. What isn't BS is the rape of the middle class so the government and the Fed can support the banks to keep the illusion alive that the system isn't collapsing. What isn't BS is the extreme waste supporting the entitlement class (the democratic voter base). Now we are supposed to "Follow" this asshole four more years? Really?

Hard work is real and can produce results. Well, that is if you have a lot of help from everyone else, cause you all know you can not do anything by yourself. The government is responsible for everything as the Manchurian Manbat reminded us a few weeks ago. So we are being conditioned to rely on the government tit for everything. How well is that gonna work out when there is nothing left to tax, the banks have stolen all the real assets and they have printed (digitally of course) so much money that the dollar will be worthless?

This is so stupid folks. Here the market sits (at recent highs) a day after the Fed "disappoints" (the sugar daddy did not deliver or the drug dealer did not give us another fix), and like idiots we wait on the next dope dealer to come down the street hoping that this dude (the EU) will have some good shit for us stick in our veins. How friggin ignorant is that? Hey, and guess what? If that next dope dealer does not deliver, but "promises" that one of them will come back soon with more and even better good stuff (for the 20th time EU), that's good enough for us to believe. This is what everything has been reduced to. Friggin hope. Now you must  "Follow"!

Before this develops into a mega rant I need to stop. You deserve one an I need one. Heck, I have not even mentioned the HFT/algo bot issues yesterday. Or how about Draghi and the "outright open market operations"? There is so much to bitch about I could literally go on forever posting at length on a new topic every day. Wake up America before it is too late (which it may be already)!

SPX Monthly - You have seen my BTFD/STFR chart and how nasty that looks. Let me remind you of the weakness in the monthly charts. Look at that whipsaw in the 10/20 mma. Does that look normal? Do you see another stick save like this one in the past 20 years? Nope, I did not think so. This says to me that this is a blow off top supported by nothing more than market intervention and more BS hope that all will be well. This says to me that when this market does finally turn there is nothing supporting it and the fall will be fast and furious.

Minis 4hr - 1375 was all I was willing to give this run and noted that anything above that should be short lived as price does not like to be above that level for any extended period of time. I think the time to enter the short side is finally here. That statement comes with 1,000 caveats though at the central planners control the markets now more than ever (see .

More to come below.

GL and GB!

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