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 -
SPX 60m - Spoken as a blonde from California - What..ever.
SPX daily - And the underlying economy is doing so well that this is deserved? Riiiiight.
SPX Weekly - So what's up with markets topping every April like clockwork? The final overthrow with weakening (worst of the three tops of this run) indicators should denote the final top is near.
Minis 60m - Green rising wedge failure pointed out yesterday is still in play. STB point in pink shown three to four weeks ago lies just below where pink and blue meet. 60m 200ma at 1509 should be first support.
Minis 30m - 200ma here busted last night and could act as resistance. 1510 s/r is the first nut that needs to crack for the bears to continue the momo. Note the 15m 200ma is at 1516 and is another resistance level.
Major support lies at 1506. Anything below that and the bears should keep the ball for a while.
Much more below as usual.
Happy Valentines Day!
GL and GB!
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