Friday, March 8, 2013

Morning Charts 03/08/13 SPX /ES

Well, they deliver another NFP stunner. What's new? Once again look at the left hand and not the right as they revised the January NFP down from from a not so glorious 157k down to 119k (24%), but you will not hear that from the MSM as they are programmed to only report positive and glorious things. And you know by now when the denominator (total civilian labor force) continues to be revised lower with each print, the ratios begin to work in favor of those manipulating the number. I have no clue what they are going to teach in Economics classes going forward, cause the "new math", pick any number out of thin air or massage it till you like it theories really don't hold water now do they?

When will the lies end? I have no clue. We've devolved to as bad a government propagandist state as big red China. The global economic bullshit that is flying around will catch up to them (well, everyone) eventually, and of course "no one could have seen that coming". Remember the Bernank  said, "we're not in a bubble". I only expect the lies to get deeper and thicker.

Enough on all of that, what are the markets doing?

Daily SPX - Let's congratulate the Fed and the QE4eva crowd for another magnificent job in ramping the markets. They have not attained all time highs on the SPX yet, but give them time, they will get there I suspect. The DOW and RUT have made it, and in the last top nothing collapsed till the high water mark of the SPX had been attained. Congratulate them as well for weakening the underlying fundamentals as well. This latest ramp has only worsened the already dire negative divergences, and it has worsened the overbought/overthrow of the rising (bearish) wedge formation. SPXA50 is over 400 again.

Index Comparison - Effect of QE in plain sight. In a word the 30yrs are not buying it.

Minis 60m - Unprecedented market manipulation in action. Upper white channel resistance continues to hinder upward momo. The near term rising green channel support has given way and that should be a sign of weakness at this resistance level. there is a chance that another formation (rising) will evolve, but till then let's go with what we got.

Minis 15m - 1537 support to upper white channel resistance is the ball game right now. Lat night the minis gapped down (yes, I said gapped down) 6 points (gray box). That was taken back by the stellar NFP report this morning and has closed. So the game of pong will continue till 51 or 37 are taken out. 28 lower white channel support lies below and rising yellow triangle target near 66 lies above.

More to charts and other goodies come below as usual.

Enjoy the weekend,

GL and GB!

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