Thursday, February 28, 2013

Morning charts 02/28/13 SPX /ES

Party on Garth! Party on Wayne! That's the message that we received from the Bernank over the past couple of days of (worthless) testimony. Of course the markets react accordingly and all fears are quickly forgotten.

Sequestration, that's just another veiled threat or more pomp from the elected shills to give the world the illusion that they are actually trying to do something in DC to quell the debt crisis. We all know in reality it is no more than lipstick on a pig cause they will never stop spending. They can't. It's not in their DNA (what is in their DNA should be questioned and removed from the gene pool).

Starting today with the loss of Benedict, I believe we are entering an extremely turbulent time where serious changes (politically, socially and economic) are on the horizon.

If you are not know about or are in tune with St. Malachy's papal prophecies then you need to read this. This post is much more in depth and would be a good look for those with more questions. What is happening with the church is no small matter. Belittling or overlooking what's happening here is a serious mistake. The financial and social (both directly and indirectly related to the church) collapse has finally wound its way into the worlds largest sanctuary. Bottom line is this is some freaky stuff happening at some really freaky times.

Wednesday, February 27, 2013

Morning Charts 02/27/13 SPX /ES

What's become so difficult is believing, believing in anything these days. Lies upon more lies is all we have to go on. Trusting in anything is nearly impossible. Listening to the Bernank and his testimony yesterday was a truly saddening experience. Here we have the elected leaders of our nation supposedly grilling the Fed chair and all we got were a bunch of softball questions and misleading answers.

"I do not believe the market is in a bubble" was one of my favs. Have you ever heard that one before and when? Another was when The Bernank dared to mention the two words "unfunded liabilities" in a brief discussion of the true debt of the nation and was quickly cut off by the senator asking the question. The ultimate answer to the "real debt" - they came close to $30 trillion  - which is about $110 trillion short of the real answer (think unfunded liabilities). Fannie and Freddie were also whisked by in the questioning. Its like these things don't even exist (cause if they did, we'd be up shit creek without a paddle).

I will tell you what is real - the coming financial collapse. Whether it be thru the failure of the quadrillion market for CDS, the destruction of the world's reserve currency, the collapse of a debt ridden entitlement state with over one hundred and twenty trillion in unfunded liabilities - heck,  you complete the list of potential disasters there are to many for me to list here - add 'em all up and you will grasp the real reality, the real truth. Not one thing they tell you is real.

I have been fretting March for some time. Knowing what to think about sequestration is impossible. They even batted around the possibility of nullifying the notion yesterday in the testimony. Really? At this time all I can say is remain patient with the markets (if that is possible). I do believe we're very close to the top, and that March will prove to be a very pivotal month.

We lose a Pope tomorrow - let that soap opera begin and bring on Peter the Roman.

On to the Markets -

Tuesday, February 26, 2013

Morning Charts 02/26/13 SPX /ES

I almost pulled the trigger on a top call today and am not sure how much longer I can hold out. I "talked top" last week and gave all sorts of reasoning why it is a much more difficult task this time than in the past. Mainly there is no clear end to QEternity which is the main fear of every bear. I have to hear The Bernank speak today and after that I may make a move. As noted for some time March has the potential to be a period where many market turning catalysts will present themselves. As shown, the last three major tops have all occurred in April. Add that for well over a year now I have been forecasting that they would not be able to take the charade past Q1 of 2013. I think we're very near the end if not at it.

Who would have thought that an election in Italy of all places would rock the boat so tremendously? Things were rolling along nicely with all governments in line and moving in sync with the crony capitalist plan for global bankster domination. Then all of a sudden a democracy cries out and poof! in an instant we go from cruise control to near total panic. We all knew that things under the surface were not well at all. We all know what supports the system and that the government controlled MSMs lies to us on a daily basis about the "recovery". All it took was a ... catalyst.

Monday, February 25, 2013

Morning Charts 02/25/13 SPX /ES

Looking at the Key Macro Events Coming This Week posted on ZH things look busy and IMO Tuesday could prove a rocky beginning to the week. The Bernank testifies to the Senate Banking Committee that day. Late in the week Thursday and Friday are chocked full of potential market moving data. This is also a big week for earnings as retail comes in hot and heavy. I guess we'll find out if all those student loans and disability checks have been put to good use or not.

Nothing like a stealth post Friday close when no one is watching UK downgrade. We have not seen the post Friday close trick in a while. Is it time for that stealth maneuver to begin a comeback? Who cares as bad news is the best news and the market will greet it with joy, cause that only guarantees that more printing will come despite recent hints at the Fed's discussions of how to end the easing.

Turbulent times are coming folks. Well, real turbulence, not the printed over reality we've been dealing with for the past four years. The can can not be kicked much further and even the Fed is beginning to figure this out. Everything they have attempted to "kick start" the economy has failed. Now it is time to stop easing and they can't. The stimulus addicted (re: entitled) economy is running out of easy funding as the debt mounts to unsustainable levels.

Going backwards at this time is not an option, so they will continue to print till it just implodes. That is all they can do at this point. Social unrest is coming with either scenario, so they may as well make it as painless as possible for as long as possible regardless the consequences. As discussed here many times in the past their last out is the confiscation of the retirement system. The $19 trillion in savings is what they have their eyes on as the ultimate bailout. Then we become truly socialized. Why else do you think they are going after the guns so hard? They are gonna really piss some people off when they start confiscating 401k and IRA assets.

On to the markets -

Friday, February 22, 2013

Open Weekend Post 02/23-24/13

You know the drill, share the love and the knowledge.

Not much to say that I have not said this week. I may go into more why March and the number 322 are freaking me out a bit. Lots happening next month. Chance for multiple "events" or catalysts really exist there both on the reality and conspiracy side of things. From O going to Israel to the new pope to the debt ceiling discussions and so forth. I suspect I will be on edge for the next three weeks more than usual.

For a mind blowing look at behind the money and 9/11 (I promise you have seen none of this) check this out. Pretty fascinating stuff.

Enjoy the weekend.

GL and GB!

Morning Chartapalooza 02/22/13 SPX /ES

Well, we finally got the pressure valve release to relinquish some of the overthrown overbought situation. Now what? Do they ramp it from here? Do the bears keep the ball for another 3 to 5%? All it took was for the Fed to mention the possibility of taking some easing off the table and  POOF! the SPX fell 35 points in no time. Of course the Fed's good Dr. Bullard (or is that Bulltard?) comes to save the day this morning reminding us all the the "easy" money is here to say for a "long time", and the reversal is quelled in its tracks.

And there you have modern market theory in a nutshell, ease off - fail, ease on - ramp. There is nothing more to it than that. Should make for easy reading and workload in modern finance 101 classes. In fact they can probably start teaching that in an advance or AP class in 4th grade.Modern Finance 102 will be a bit more difficult - How to Bribe/Blackmail a Senator and Make Him Your Slave. 

Off to the charts - to say we're at the edge of a major cliff would be an understatement.

Over bought and overthrowing are never a good combination. With negative Fed speak, the CONgress coming back in session to discuss the budget and all the other economic goodness going around the turbulence might just be getting started for the markets. We all know how this will end, 11th hour printfest, so no fears mate (till the bill comes due). It is all a dog and pony show to distract you from reality. About 5% of what you hear will be the truth. Bottom line as the charts will show is that we're at a very precarious point where the slightest slip and everything, I mean everything, falls off a cliff. The Fed sees this. the administration sees this. The whole globe is becoming aware of this. Thus printapalooza will go on unabated till they can't anymore, then we all burn in hell. Which I think is not too far off from now.

Thursday, February 21, 2013

Morning Charts 02/21/13 SPX /ES

Yesterday STB was talking top. If you missed it please go read it. Over the past several weeks we've been building the case for a coming top of some sort. The charts are ready for a major turn, as in set up worse than the '00 and '08 tops (especially on the weekly and monthly charts). Right now just looking at SPX and the last two corrections one would have to first point to the daily 200ma that stopped the last two falls. This would be a move to near the 1400 round level and be around an 8% corrective. There is also a double fib convergence near 1370 if it should overshoot the 200ma as it has in the past as well.

Another clue will be the VIX (busted, I know). A move to or near the 48 level has stopped the last two falls as well. Over the next three months the VIX will begin challenging major downtrend resistance diagonals. there are three of them. A break of these should mark the beginning of the end of the end I believe.

The 1407 mark and the 1370 levels would be my first two major targets here if  the Fed can let the market correct that much. You all should know my fixation on the 1374 level by now. That is the point where I believe we had the first shot at the major top for the run off the 667 lows. Before those points there are several intermediate targets we have to deal with first. We'll get to those as they come, cause we're not going to put the cart ahead of the Fed's carrot. We have to patiently let any downside action come to us and can't force anything, cause "they" are still in control.

Wednesday, February 20, 2013

Morning Charts 02/20/13 SPX /ES "Talking Top"

So here we sit at CB's well called inverted HnS 1530 (golf clap), now what else could be left in this era of unprecedented intervention and market rigging? The days of Fed liquidity QE on/off are gone now. QEfinity is entrenched like a permanent hopium drip. The past major tops were relatively easy calls. When the money stopped so did the levitating act.

Not only has the Fed pledged QE till eternity, but the amount of QE has been steadily increasing as well. As discussed here at STB for years now the diminishing returns of additional QE at these market levels are quite apparent. Maybe stocks are taking a clue from big oil. You know, the new economics where less demand and greater supply equal higher prices? Who knows? Bottom line is the Fed is now in a position where they can't stop or else.

Here we sit with the fiscal cliff and past debt ceilings deals with the devil coming due again. Kicking the can always has consequences that have to be dealt with in the future and our date has arrived. Sequestration and the automatic budget cuts are upon us. Is reality about to bite? Is the lame duck (or dictator - pick one) administration about to actually do something responsible for a change? Will they print their way out of this mess as well? Like a friggin soap opera with a cliff hanger at the end of each episode, but the endings are always so predictable. They must print.

Tuesday, February 19, 2013

Morning Charts 02/19/13 SPX /ES

Seven weeks in a row now the markets have moved up. They put the fiscal cliff to bed and amazingly all the problems went away. Well, they at least appeared to go away. Changing laws and kicking the can does not solve anything. The sequestration issue is coming in a week, and right after that we're back to the debt ceiling drawing board. Tough times for the markets are coming soon as the headwinds of reality will blow again. Of course the $85 billion per month tail wind delivered courtesy of current and future taxpayers the Fed helps to defer reality.

So we sit and watch as POMO does its intended job, lifting the markets creating the illusion that all is well and the recovery is running full steam. That is all we can do. I know I talk a lot about waiting on the catalyst to come. Sorry, but that is all there is that could be left to stop the corrupt crony system at this point. They have control from start to finish, from Wall Street thru politicians thru the scotus.

There is nothing that the sheeple can do at this time to change anything. I believe we recognize this, that we are waking up at a more acceptable rate than in past years and that gun sales are a the best indication of where this whole mess is headed.

So, let's see if the sequestration issue can deliver a shock to the system. Then let's prepare for the next debt ceiling debacle. Stormy seas lie ahead, so enjoy this last week of calm sailing.

On to the markets -

Monday, February 18, 2013

02/18/13 SPX /ES

President's day - Last I checked none of the great socialist republics celebrate their founding fathers. This is good cause it means that BO will not have a holiday in his honor.

Enjoy the holiday and have a good day.

GL and GB!

Friday, February 15, 2013

Open Weekend Post 02/16-17-13 SPX /ES

You know the drill, share the love and the knowledge.

Well we got hit by a meteorite, but he big sucker thankfully missed us. Phew! We lost a Pope and now have the papal prophecy upon us. Then lightning strikes the Vatican. Two signs from above in one week was enough for me, thank you very much. I would not be surprised to see a massive UFO sooner than later the way things are going.

Markets remain what they are, a manipulated POS that will do only what the Fed wants. The WMT news late Friday generated a small blip to the downside, but that was rather quickly recaptured. Who cares if the worlds largest retailer is sucking, all is well. Believe the mantra or be declared a terrorist. Noting can be bad and if it is the government will make it all better.

Minis 30m - range bound all week. 22 to 10 - nice 12 point ping pong match that lulled most to sleep I guess. I sit and wait for a catalyst, that is all you can do.

Enjoy the long weekend.

GL and GB!

Morning Charts 02/15/13 SPX /ES

I'm gonna get deep in the chartbook to see if there is anything worth posting. I used to bring out some pretty damning charts providing evidence of the market's screwedupness. I stopped for a while of course, cause charts no longer mattered as the QEfinity train was and remains fully stoked with fiat. Well, it may be time to start revisiting some of these technical doomsday scenarios as the irrational exuberance over fraudulently manipulated markets may be wearing off a bit.

SPX/TNX - 14 years. Either way, if TNX corrects up or SPX down, the scenario to get these two back in harmony is not good. Looks like your gonna get crushed no matter what you own.

Thursday, February 14, 2013

Morning Charts 02/14/13 SPX /ES

Share the love baby! Not! STB ain't sharing no love this morning for the fraudulent and corrupt system that we now serve as debt slaves. There is no time for showing any love to the administration, congress, banksters and corporate elite that are robbing the country of every once of wealth and subjugating all current and future generations to a debt burden that only benefits those in power.

Obummer told another half truth the other night when he mentioned raising the minimum wage. Really? This is no more than a trickle down bribe (or flat out lie) to keep the entitled in their cages, keep them voting democrat and keep their building rage minimized. I guess words speak loudest to the 23% of the illiterate Americans citizens (that I would assume are all mostly in the entitlement system).

How's that gonna work with O care coming and corporations struggling with how to deal with the associated increased cost? I guess since he raised almost everyone's taxes (not just those in the $250k plus zone) maybe this will help offset that mistake? Maybe not.

Now, on the other hand, sharing the love with those that are awake and in tune with reality is what STB is all about. I want to deliver a true happy Valentines wish to all the readers and contributors (commenters) of STB. Without you all, this blog would be nothing. Thank you for your support and sharing the love and knowledge  here every day.

On to the markets -

Wednesday, February 13, 2013

Morning Charts 02/13/13 SPX /ES

02/13/13 two thirteens? Uh, um, not good? I'd avoid ladders, breaking any mirrors and black cats today if I were you.

STB's SOU rebuttal, nothing but lies and half truths are spun to mislead you to believing that all will be well with a little more elbow grease and patience from the sheeple masses. OK, so if we can get over the slight income problem, I agree. The real problem lies where our government takes in about $2 trillion in income, spends 50% more (around $3 trillion), owes over $16 trillion (and rising) and has close to $120 trillion in unfunded liabilities. Of course the president and congress never address how we can handle this massive debt and the more than excessive liabilities on such limited income. If you or I managed out households in such a manner we'd be in jail or on our way there.

The deindustrialization of America and the growing entitlement state are counter productive to solving a credit and debt crisis. CTRL+P and increasing spending are no way to manage such a crisis either. More of the same in this case is not a good thing. Remember our place in the global ponzi system. Our job is to consume. Their job was to buy treasuries and make cheap led based trinkets for us to purchase. When they quit buying treasuries and went to net sellers, the system broke. Remember Humpty Dumpty? We have fallen off the wall.

Tuesday, February 12, 2013

Morning Charts 02/12/13 SPX /ES

SOU tonight. My thoughts? More like SOL. I was thinking about this time last year and how all I could do was recommend following the Fed, waiting on a catalyst and watching an overbought market climb towards the 1375 double top with an underlying situation similar to today. I would like to say that little has changed, but that is not the case. If you would please inform me what I am missing about this improving economy, or where the "hope" is let me know, cause I don't see it.

potus is going to tell us how things are improving and some inspirational success story about some mixed race female that is handicapped, came from a broken home and had 14 children by the time she was 25. O will try to inspire us and reassure us that they have everything under control when nothing could be further from the truth. I won't be watching. I can't stand to see him or even hear his voice. It literally makes me want to vomit.

We won't hear about the NDAA, the drones, the 1.6 billion bullets the DHS has purchased for domestic use, cyber spying, domestic road blocks and the sprawling police state that is taking over the country. But you will hear how they need to control our ownership of weapons.

We will not hear about the special interest controlled representatives and administration that serve the corporate elite over the people.

We will not hear about shrinking GDP numbers, trade deficits, devalued currency, stealth inflation and how we are losing hundreds of thousands of jobs a year to China.

We will not hear about how government spending is 25% if not more of everything and without disability and student loans (the next next bubble) to maintain our entitled unsustainable spending habits we'd be up shit creek.

Monday, February 11, 2013

Morning Charts 02/11/13 SPX /ES

Two words - Papal Prophecy. If you don't know about this, maybe you should entertain the prophecy of Saint Malachy. This is some freaky stuff not only regarding to the accuracy of the order of the popes to this day as called in the year 1139, but it is pretty darn scary to think that the list ends with this last pope. This next pope (Peter the Roman) will preside over the destruction of Rome and to some will be the antichrist revealed. This at least gets Obummer off the hook for now. Who knows, he may declare himself the next pope. I would not put it past him.

First, let's get this straight, Popes DIE they don't quit. One has to wonder with all the corruption running rampant across the globe if this pope is not being either forced out or sees something so terrible that he is compelled to leave the post. Has the Italian banking crisis and the global financial crisis bled over into the church and its bank? Will the next pope be another former GS executive? What about the assets of the church? Does this have something to do with the wealth of the church and Italy's financial troubles?

Folks are gonna freak out over this and for good reason. I have written about this prophecy in the past, and I suspected that the reign of this pope would not be long for it to fit within the time frame of the impending global financial collapse. Given the global financial crisis and tension, and then combining that with the prophecy that this pope will preside over the destruction of the seven-hilled city and the coming of the dreadful judge. Ouch. Bottom line, it fits perfectly with everything that is going on around us at this time. It could be one of the final pieces of the puzzle. We could literally be nearing the end of biblical times. If you do not know about this prophecy, I suggest you google it or follow the links provided and learn more about this subject.

Friday, February 8, 2013

Open Weekend Post 02/09-10/13

You know the drill, share the love and the knowledge.

I kinda said it all in Fridays post, and in Wednesday's post I covered the worst of the charts. 

SPX Weekly Cash (for a change) -Hanging man at resistance with overbought conditions. Dig the push of the upper weekly BB. That ain't right.

Enjoy the weekend.

GL and GB!

Morning Charts and Mini Rant 02/08/13 SPX /ES

Almost every day here at STB some sort of fraud, corruption or market manipulation topic is covered (well, OK, I cover it every day, but that is besides the point). I do this for a good reason, to expose you to the new reality. I do it so you know that the system has been hijacked by the corporate elite and everything now works to serve them, for if they don't survive - no one will.

Did you catch that? We the sheeple are no more than sheeple, and without our corporate overlords the world will cease to exist. If the world ceases to exist then government ceases and we can't have that either, so the government caves to the special interest lobbies at the expense of the sheeple. POOF, we the sheeple have lost all power and become little more than debt serfs to serve the system.

This goes back to before the blackmail bailouts of Paulson and Co of the TARP days. The lawless rule of Wall Street really began with Clinton, Greenspan, Summers, Rubin and a young Geitner in the 90's (some will claim it started with Reagan, and I can go for that). Greed came to rule with the gogo 90's when people were making so much money that no one would dare step in the way no matter if what they were doing was legal or not (see The Warning). (Note who BO picked as his financial chiefs out of the gate in '08 - Geitner and Summers) (Also note who got one of the biggest bailouts on '09 - Rubin at Citi).

This lawlessness led to the bust of the market in '00, again to the mortgage crisis of '07 and will occur again with the debt bubble now. What is so astonishing is the power of greed which has led to the complete lack of morality in DC. If money is being made, get the hell out of the way. The banksters because of the threat of collapse in the quadrillion of unregulated CDS instruments now control everything. If their lawless, unregulated mess goes kaput, so does the global economic and financial system. We're being blackmailed by the banks. This is the new reality.

Thursday, February 7, 2013

Morning Charts 02/07/13 SPX /ES USD/JPY

For those expecting snow in the NE, if it is anything like the rain we're getting here in Georgia, y'all got something really big on the way.

Not much to say about the markets or economy or the fascist state this morning, so I will give you a break from the rants. The lies and corruption are so blatant now it is unthinkable.

Daily SPX - It is what it is, negative divergences and all. You are witnessing raw and blatant corruption, greed and manipulation of the greatest market on earth for the benefit of the few all the while destroying the greatest nation on earth.

Wednesday, February 6, 2013

Morning Charts 02/06/13 SPX /ES

National Signing Day for all you CFB junkies out there. At least we have something that will keep us entertained today instead of having to watch another Fed induced BTFD bear trap. How UGA lost the #1 player in the nation from Georgia is beyond me. May your team do well today.

Even CNBS is getting in on the beware a top stuff with Traders Search for Trigger (Sound familiar? More like a catalyst?) to Insider Selling Surges. I guess with DOW 14,000 even some of the market pumping bimbos over there have to do a little CYA just in case. That must be a p-poor existence to have to write BS government propaganda all day. Talk about needing gun control, I'd blow my brains out if I was subjected to that horror for a job.

What better to mark an impending top than The Worst of Subprime Returns? Hey, don't be pissed at the TBTF's, we're the stupid F's that let them do it. Care to look at our most recent voting record as a nation? Care to look at the two "choices" we had for president? Nuff said I think.

Tuesday, February 5, 2013

Morning Charts 02/05/13 SPX /ES

Back on the subject of hidden inflation - Please see Fraudulently Diluting High-Quality Food by ZH.

On the subject of 401k confiscation - They are discussing the option of them (the government) assisting you in managing your retirement account. I guess you don't have a 50% allocation to Treasuries.

On the subject of everything else. I don't know how to cover so much in so little space. The stories have really become redundant. How many Greek bailouts or Japanese QE's have there been? The story is the same every time, big problems always end with bigger bailouts. We're conditioned at this point and that's why the debt ceiling is a non issue. We all know what's going to happen. the GOP will cave and the entitlement crowd will get their way yet again. Cut spending? HA!

Ah, then there is Europe. I still await a catalyst to start the fall of all falls. The most corrupt of the corrupt financial systems, where monetary policy resembles a 6 year old playing monopoly, is beginning to strain again. Was Italy's recent CDS issue the first of many more to come? I think so. It is only a matter of time before the rehypothecated under non-collateralized system erupts. I believe the catalyst that leads to my "event" will be financially related (CDS) and will tip off in the EU in the not too distant future.

On to the markets -

Monday, February 4, 2013

Morning Charts 02/04/13 SPX /ES

Well, I had a first ever Blogger destroy a post this morning. Thank you Google. So you simply get a bunch of charts today.

Daily SPX - The dollar at extreme lows and market at extreme highs. Something has to give. I said in the weekend post, that if I had a set and was not scared to death of the Fed I'd have called a top Friday. Let's see just how greedy and desperate they are from here. Back in early August I warned of unprecedented manipulation, and we've seen it clearly. Bottom line is they have taken the farce/lie so far they can't stop now or else.

Friday, February 1, 2013

Open Weekend Post 02/02-03/2013 SPX /ES

You know the drill, share the love and the knowledge.

14,006, 1512, 911 - what more could they ask for with the failing economy underneath? The VIX is beginning to move with price which is never good for bully. As mentioned in the comments Friday, if I had a set the backtest of the green rising overthrow channel would be a classic spot to call a major top. There was a busted rising wedge that led to a channel overthrow to prior resistance overthrow to channel overthrow to upper channel resistance all at the top end of a massive rising wedge formation that should end the recovery move. And all that on bullshit economic fraud piled on in the 4th quarter and to get O reelected. That's the way I see it. It all came together on the eve of Superbowl weekend. Coincidence? Time for a catalyst or an "event". Charts have called stuff like this before. Like I said, if I had a set and if I did not fear the Fed so much I would call it here.

And of course - Best UFO sightings of January -

Have a good weekend!

GL and GB!

Morning Charts 02/01/13 SPX /ES

I wonder sometimes what I am missing or not seeing in the charts that I should. The missing nugget of truth that only the charts will deliver like nothing else. I used to be pretty good at this stuff, finding the clues, recognizing patterns and allowing price to ripen to a point just before it fell off the tree.

Wonder I shouldn't, because the markets are not real anymore. I'm not doing anything different or wrong. It is the markets that have changed or evolved into something that is no longer recognizable. QE driven fantasies where bids are endless and computers trade with each other in some sort of cyber game that virtually guarantees price will not fail.

So a negative GDP print indicating recession occurs but markets still insist on remaining at or near post recovery highs? Really? Overbought conditions persist on the tail of the worst consumer confidence print in years? Italian banks, China bonds, Spain, Greece, France is "broke", currency wars, Fed balance sheet, I could go on and on with the negative news reports the past few weeks, months or years. If it makes no sense, it shouldn't, because nothing is real anymore.

I believe the charts will get it right eventually. This time the end will come abruptly without warning. The monthly, weekly and daily charts are building their case for the cascade to come. The case where bad news is the best news cause it guarantees further easing will end one day. Reality will strike with the precision of a laser guided missile.