Tuesday, February 3, 2015

Morning Charts 02/03/2015 SPX /es

So Greece is all OK now and the markets blasts off? It is all so beyond ridiculous at this point all you can do is laugh. Let's get this straight - all is well with Greece. So well that the US equities market ramped yesterday in joy. All their ills are cured, so risk on brother! 

Really? Seriously, they want you to buy that. All is well. LOL. The Greek debt situation is so bad it makes ours pale in comparison. The ills are cured for this week, maybe, so ramp away. Pay no attention to the big picture, long term ramifications of the insurmountable situation. 

Overoptimism, that about all we got (with a constant flow of trillions in fiat QE). I suggest you read Persistently Over-Optimistic Fed Admits There Is Persistent Over-Optimism About The US Economy

"The Federal Reserve's San Francisco research group finds that -just as we have pointed out again and again - that since 2007, FOMC participants have been persistently too optimistic about future U.S. economic growth. Real GDP growth forecasts have typically started high, but then are revised down over time as the incoming data continue to disappoint."

That statement fits perfectly with what I've said every time GDP has been announced - Aim high! Over promise and get a spectacular reaction from the algos leading markets to over inflated prices. 

What else has assisted to leading to these conditions? Buybacks, and those are potentially (as with XOM) about to head to the side of the road. See Stock Buybacks Account For About 20% Of Yesterday's Buying: Goldman

Last night RC posted this great vid in the comments section. I highly recommend that each of you look at it and take in what Ken has to say. Ken can be a bit radical in some of his views, but in this post he's spot on. 

Ken O'Keefe "Time to arrest traitors in White House/Congress" - END THE FED!

On to the lie - 

SPX Daily - I don't know about today. I remain bearish. 

More to come below. 

Have a good day. 

GL and GB!

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