Wednesday, December 18, 2013

Morning Charts 12/18/13 SPX /ES

OK, another easy post this morning. This one is a simple, "I told you so, for years now" post. I'll simply link a few posts from around the web to summarize what I've been trying to communicate to you over the years. 

Let's start with Things That Make You Go Hmmm... Like Being Completely Out Of Touch With Reality where you will find -

"From the moment Richard Nixon toppled the US dollar from its golden foundation and ushered in the era of pure fiat money (oxymoron though that may be) on August 15, 1971, there has been a ubiquitous and dangerous synonym for "growth": credit.

The world embarked upon a multi-decade credit-fueled binge and claimed the results as growth.


From there let's move to 83 Numbers From 2013 That Are Almost Too Crazy To Believe here you'll find many astounding facts that will blow your mind. Remember TBTF and how we HAD to curtail and reign in the big banks so another crisis would never happen again?

"#7 The six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years."

And the budget deal? HA! I loved this cartoon on Zero Hedge this morning -

As for the military, funny that the global elite would bite the hand that keeps them in business, let their arrogance be put high on a pedestal for all to see! Senate GOP fails in final bid to block military pension cuts to budget bill. "A provision in the already House-passed bill would cut retirement benefits for military retirees by $6 billion over 10 years." How kind. Thanks guys for putting your ass on the line, but, you know, what we promised you and what you count on for a living and all, well, tough shit. Thanks for your service. OBTW, you veterans are all on the US terrorist list, so don't slip up.

This move may not be favorable with the current forces that monitor and control that global police state for the USSA. Police state? Shuh, fo real, police state, check this out (h/t RC) Former Top NSA Official: “We Are Now In A Police State”. 1984 is real. 

On to the lie - 

FOMC day! To taper or not to taper, this is the question. I say no and no real hints either, but we will have to see. I highly doubt that they will want to spoil Christmas for the markets. 

Daily SPX - For cash it is simple, watch the black support diagonal, the lower BB and the 50dma all around the 1794 area. If this holds, Merry Xmas, if not, there is a massive hole below with little support.

Minis 4hr - She either breaks out and up in the yellow wedge or down in the gray wedge. Pretty clear they are at a major fork in the road and no one knows which way they will go. 

More to come below. Get ur popcorn ready. Could be an exciting day.

Merry Christmas and happy holidays. 

GL and GB!

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