No time to bitch about the cliff this morning, but just like in similar situations in the past either nothing happens till the 11th hour or they don't get the job done. Most know it is all pointless and nothing more than political positioning. Bears can't forget the market is totally rigged. Bears can't forget that the market could react with glee to anything at any moment no mattter how bad. The more the shorts pile up from the extreme bullish position, the more dangerous it becomes to be on the short side. They love to slaughter the bears, and it has become one of their best strategies for lifting the markets over the past few years.
Looks like that downtrend we were all anticipating hit. Most know I've been pretty freaked out about what might occur after the fat man came down the chimney. They held price up till Xma and now you see the results of artificial levitation. The market'sosition is very precarious for if she's beginning a three (in ewt terms) down you're looking at about a 200 point move south here and it is game over.
Minis Daily - I've been afraid of a perciptuous drop. Big Blue has cracked. The
SPX Daily - OK, first I noted the turn in the MACD Histogram. Then we waited for SPXA50 to hit 400. Qll the whille NYMO was setting a divergence. The 50/20 bear cross came and support finally gave way yesterday. Pretty basic stuff when looking for a turn. Of course that is the Cliff's Notes version and there was more to it, but bottom line is most here did a great job waiting and seeing the turn coming.
I doubt I will be around much unless the shit hits the fan next week. You will have posts.
Happy New Year!
GL and GB!
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