Morning Charts 07/08/2015 SPX /es

'Owned' should be the headlines about Greece this morning. Once again, delaying the inevitable, the banks and other creditors that are in way too deep over their heads will get the stick save (via loaning money they printed to themselves), and the sheeple of Greece will be put even further into debt servitude to their financial overlords. Folks, this is modern slavery. There is no other way to describe it. 

So sad, just like here in the US in 2008, they had the chance to right the ship, take their medicine, hit the reset button, clear the deck and become financially viable again one day, but instead they chose to go deeper in the red. They should have told the criminal banks to FO, but they did not. They had their chance and are apparently going to blow it. If I lived in Greece, I'd be packing my bags.

China, the one I told you not to ignore, is apparently in 1929 crash mode. The Chinese PPT is basically worthless (note to Chinese PPT - do it overnight). You can read all the headlines just about anywhere. Their crash even made GMA on TV today. I guess that is some sort of celebratory propaganda (us vs. them) thing maybe from the MSM. Not so funny when you are in your own (unadmittted) bubble and contagion can and will spread. 

The quote of the morning goes to ZH, 

"The SNB has declined to comment on whether it intervenened but we ask in all frankness, have we become so divorced from 'free markets' that China can blatantly enter markets to save them (and fail) and European markets can mysteriously go bid and no one bats an eyelid that this is all rigged."

On to the lie - 

Sell the potential Greece resolution news and be afraid of China? Is that the trade this morning? Who knows? The trade is going to be whatever interventionist BS they want it to be while they fend off contagion as long as possible.

SPX 15m - It's a simple chart, and I like it. No need to complicate things with 10 or 20 year monthly charts looking for targets with a 4 or a 5 handle quite yet. There is a chance - goodness I hate it - but a chance this move at the open is a backtest of busted s/r and a confirming move before heading higher. Of course I'd prefer it just puke up a lung or two here and take us all out of our misery, but I doubt that's going to happen (yet). NOTE - a lower low was set yesterday which is NOT a good omen. These more often than not lead to even lower lows.

 Freedom watch - 

The New World Order Pope - 

"Pope Francis wraps up the first leg of a three-nation South American pilgrimage Wednesday after issuing an impassioned call for a new economic and ecological world order where the goods of the Earth are shared by everyone, not just exploited by the rich."

More to come below. 

Have a good day. 

GL and GB!