Tuesday, December 17, 2013

Morning Charts 12/17/13 SPX /ES

All the time in the world for commentary this morning, and I have nothing to say. Not feeling like regurgitating the whole taper on/off issues and the whole modern day unregulated, corrupt and manipulated market meme either. I think you've had that beaten into your head by now. 

All there is to do now is wait on the Fed to tell us what they intend on doing and then act accordingly. Acting in any other (like .... rational) manner has proven to be hazardous to your portfolio. It's all about taper and nothing else at this time. I believe we'll have some very surprising announcements from the Fed in early 2014. Could it be the year of the US bail-in? More to come on my thoughts for 2014. 

Daily SPX - Rising red wedge busted and ell to backtest busted resistance on the rising black wedge. BB's are narrow which indicates coming volatility. All I have to say is when that lower black wedge support goes, it should be all over at that point.

Minis 60m - Backtesting busted upper long term blue market resistance diagonal. I mentioned yesterday this could possibly be a fantastic spot to take a shot at a well guarded short. It is the type of place where a violent reversal could occur. Of course I will be waiting till I see the whites of their eyes and know more of the Fed's intentions before I swing anything long or short here. There was a time when this sort of retracement and backtest would have had me screaming for all to short at such a spot, but in this Fed dominated POS market no more can one do such a thing.

More to come below. I think today should be narrow and quiet unless rumors start flying. Watch the Fed speak and reactions to it. There could be a head fake or two out there.

Merry Christmas and happy holidays. 

GL and GB!

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