Monday, January 11, 2016

Morning Charts 01/11/2016 SPX /es

I've been thinking how to address or phrase what I wanted to say this morning since seeing China last night, and all I can come up with is that's it's never been harder to quantify or qualify what's happening right now. All those Alice in Wonderland references .... uh .. yeah .. they were prolly most accurate. We're so far down the rabbit hole of FUBAR right now that anyone claiming to know anything is a complete idiot. 

Minis last night had an 18 handle, then PBOC Currency Intervention Pushes US Futures. Magically a 30 point rally (that's THIRTY POINTS) appears. We saw this move (and subsequent fail) last week. Bottom line is the key word 'intervention'. They know that what they've built here and abroad is nothing more than a farce (Like the recent infrastructure built and demolished in China). The term 'asset backed' is the biggest joke ever in the largest debt bubble ever fabricated. 

Bottom line is there are 40 or more roads we can go down from the Fed doing their best to assist the nation to recover from the last recession (that never ended) to the Fed making their last run at stealing the wealth of the world (most likely). The one common theme that comes from every scenario is control. There are no longer any 'free markets'. We now invest and have our financial futures tied to a bunch of Keynesian nut jobs pushing buttons at their whim to contrive or manipulate data and/or to move markets wherever they need to go. Nothing is real anymore. 

So, every time you make a trade. Every time you look at the balance of any of your accounts. When you pay that mortgage payment. When you use that credit card. Remember they control everything that underlies those assets involved. They are NOT yours. They ARE theirs. They control all. You've been warned.

On to the lie - 

I'll chart up and report on near term stuff below. 1900 and 1871 are the areas I'm still looking at for immanent Fed intervention. Lord knows they are trying now and have been trying to stop the fall for a week. If 1871 goes there is no real support to 1575 (last two major SPX tops and the 38% retracement of the SPX move off the 667 low).

SPX Monthly - Pay close attention to the 10/20 mma's on this chart - not to mention the cycle highs or the negative divergences. It should be game over.

Freedom watch -  

And this is from the NYT - The Larger, but Quieter Than Bundy, Push to Take Over Federal Land

More to come below. 
Have a good week.

Gl and GB!

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