Morning Charts 04/12/2016 SPX /es

Don't feel like fussing this morning. Alas, I'll address a couple of things. First this wonderful post Silver Soars, Stocks Slump As Equity "Fear" Hits All-Time Record High that's chocked full of lovely pictures that paint a terrible picture for Mr. Market's future. The last one was my favorite. To carry on with the "STB's just not feeling the fear" theme that they've been preaching the last few weeks -

Second, I'm pretty sure you don't want to hear my earnings rant for the 20th+ time, so I'll simply present the evidence first - See Behold Accounting Magic 101: This Is How Alcoa Just "Beat" Consensus EPS. Like I always say, beat then lower the hurdle quietly for an easy beat again. Rinse/Repeat.

"And then remember when Alcoa beat last quarter on non-GAAP EPS of $0.07? Well, that was just quietly revised to $0.04."

On to the lie - 

SPX 5m -  It took quite some time but the roll over finally found some form. I was happy when upper red resistance held yd. If this is for real, then red support should fail at some point and a steeper falling wedge should form (that will eventually fail again). If that's a descending triangle with support at 43, then it targets 2010. They are trying to push it up this morning, so be cautious.

Freedom watch - 

In case u had not heard - ur no longer allowed to decide who your leader is. The elite can not let the plebes decide anything - GOP braces for rules fight that could decide 2016 nomination.



More to come below. 

Have a good day. 

GL and GB!