Typical last ditch effort - Big Stocks Are Last Hope for a Decaying Market.
Not much to say this morning about the surprise collapse last night following what the Fed wanted us all to see as a doveish FOMC report. I'm positive the Squid is not ready for any real collapse, so I'm not stressing it. QE4 or 5 or whatever is still out there. Maybe there is some contention among the money masters? Some want QE now and others are still on board following the Fed's direct order. Things are not as cozy at the top as they once were. A while back I suspected this would be seen at or near the top. September is just days away now.
On to the lie -
SPX 30m - A whole lotta shit going on. Hard to get any sort of technical handle. I've remained looking south cause of the two rising wedge breakdowns I've discussed over the past few weeks, and due to the fed's inability to lift out of this consolidation phase. I guess I got lucky more than anything relying/believing on something technical. That's bit you in the ass more than not over the past 5 years.
SPX Daily- Consolidation. See that black triangle? Something's gotta happen soon. Price has left the station and is way away from that blue channel and the STB Diagonal of Death that supported the Fed's run for the past 5 years. It's broken down and backtested and now has the awful triangle just above the 200dma that appears is about to break (like this morning).
FYI, we're getting so shafted at the pumps -
Freedom watch -
One of my fav new sites to visit - http://freebeacon.com/
More to come below.
Have a good day.
GL and GB!
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