Morning Charts 05/19/2015 SPX /es

Pretty simple story this morning - Walmart misses and the markets are down .... wait, that's not right .... markets are up .... OK .... phew .... I thought there might be a glitch in the new normal. This is not your father's market or any market you've ever known. Bad=Good and the promise of moar QE is all that matters. 

Did someone say moar? The laundry list of Fed/fin/econ speak this week is astounding. Nice to know that on day two they have not disappointed. Stocks, Bonds Spike After ECB Pledge To Accelerate QE Ahead Of "Slow Season".  So this is why the markets are shunning the WMT news. 

One warning this morning that fits with my long held conviction that it's all about liquidity comes from Elmer Fudd - El-Erian: Markets underestimating liquidity risk. 

Don't take your eye off Greece.


On to the lie - 

SPX Daily - anything above here and this chart works into an overthrow situation (see dashed black vertical lines). Price working on rather large negative divergences backtesting double strong resistance should be a huge red flag area, but in the new normal a little Fed or QE speak can mitigate the worst situations presented. Oh, don't forget we have a holiday coming up.

Freedom watch - 

I'm stuck on TPP, sorry, but it's very important that you know this - read these quotes below very carefully and absorb them - Here’s How Your Senators Voted, in the Key Senate Vote to End American Democracy

"The key vote, in the U.S. Senate, to transfer to international corporate panels America’s democratic national sovereignty over the laws and regulations on the environment, workers’ rights, consumers’ rights, and finance, was officially titled with the misleadingly unrelated phrase “Ensuring Tax Exempt Organizations the Right to Appeal Act,” and it passed the U.S. Senate as “H.R. 1314,” by 65 to 33 votes, at 1:55 in the afternoon of Thursday 14 May 2015."

And

"A “Nay” vote meant that the Senator opposed this transfer of democratic national sovereignty, away from elected representatives of the public, to international corporate panels, whose members will be appointed solely by executives chosen by the controlling stockholders in large international corporations. A “Yea” vote meant that the Senator favored this transfer of democratic national sovereignty over to international corporate panels."

"International Corporate Panels" will be the new judge and jury. Your best interests and freedoms just took a back seat to the corporatocracy. 

More to come below. 

Have a good day. 

GL and GB!