Afternoon Delight 02/29/12 - Busted

OK, it is finally gut check time for the bulls and bears. Since the beginning of the year I've preached form and patience. Today form may have outruled substance, finally. We've all been watching the LTRO2 coming, the Greece situation and dodging the QE3 rumors (which are sure to spike with any market weakness). Markets can not fall. That is illegal now isn't it? Well, they closed down today (actually on lower lows) and at least spiked thru my purple support.

The biggest joke of the day and the must see chart (so far) of the year is in Ben Bernanke: "The ECB Is Well Capitalized" | ZeroHedge. "In other words, the ECB's leverage is 36.6x. This according to Ben Bernanke is "well-capitalized."" I suggest you not be drinking anything when you look at this, cause it may come out your nose. Question: does anyone out there remember what got us into all this mess in the first place? Bueller? Heeeeere we go again!

Morning Market Commentary and Charts 02/29/12 $ES #SPX #EUR/USD #Gas

So what we get drunk. So what we don't sleep. So what we go out. That's how its supposed to be living young and wild and free. I'm tempted to rewrite that song and relate it to the financial crisis. Should not be too hard. Pretty much nails the Keynsian mantra and the life we live under the Fed today.

EUR/USD - Just one massive green rising (bearish) wedge.