AAPL Earnings and Chart - Shanktified

The end is near. Growth happens till it doesn't and then Wall St starts setting lower hurdles to perpetuate the lie till that does not work any longer. That is the new peak  life cycle theory developed by renowned chartist, part-time economist, blogger and master bullshit artist Shanky (me).

Seriously, you all know that is how it works these days. Traditional economics can be thrown out with the baby and the bathwater (which it is becoming acceptable these days the trow the baby out, but heavens don't waste that water!). 

Wall St. analysts (I say this every quarter here) are rigging the game. Normally (pre-QE when things were real) if an estimate was lowered price would suffer greatly. These days (with easing - pick your favorite flavor) estimates are lowered and price does not react at all because easing lifts all tides. This creates an artificially low hurdle and the easy beat to perpetuate the HFT/Algo driven, liquidity fed, Wall Streeet/Fed/Treasury farce manipulated POS market we deal with today. 

Morning Market Summary and Charts 04/24/12 #SPX $ES

AAPL is all that matters today. I will do an AAPL chart post after the opening bell. Hint - E touch/overthrow of a 12 year massive giant wedge is never a good thing. The end is near.

Well, here we are. After preaching patience and weeks of earnings and waiting on the FOMC meeting, my days of reckoning have arrived. Tomorrow is a big one as well, but maybe the Fed will play their hand today.

Minis 30m - Busted pink November support was a big deal yesterday. The backtest of the more recent channel (yellow) is now complete. Can they stretch it back to 1378/80 ares for a backtest of the pink diag? This chart has all the key support and resistance points on it. Remember an even bigger deal is that lower green support diagonal which is what I am seeing as a neckline of a head and shoulders that targets the 1290 area.

Let's Visit The News Today!

Just a few things to piss you off even further tonight in my attempt to educate you of the fraud and lies that are being thrust up your rear as they destroy any form of wealth you have left (pay no attention to the market). This is just nutty. Simply unbelievable the shit that goes on behind closed doors without OUR consent as to what means anything. I'm gonna stop this just short of a rant. That comes later this week.

For those of you that do not Visit Zero Hedge on a regular basis, please do so to read How The Federal Reserve Bailed Out The World. this is one of the few uber detailed posts that they do that really blow you away. The final paragraph, "As the DXY continues tumbling ever lower to fresh 2009 lows, the trade de jour is once again the dollar funding one, although unlike before when the Yen was the carry currency of choice, this time it is the dollar itself, positioning banks for the double whammy of not just a dollar funding shock, but one coupled with a potential massive and historic short squeeze. If and when an exogenous event occurs, not even $6.5 trillion in Fed swap lines will be sufficient to bail out the world economy. It is time someone in Congress asks the Chairman all the pertinent questions that evolve from this analysis and how he is prepared to handle its next, much more vicious, and likely terminal, iteration." I have kept harping on an "external" event and then P3. When it hits, it will take us out at the knees and there will be no fix in store. NONE. You really need to read this one.

Mish attempts a rant (well, he rants, but places his words in a more thoughtful and concise manner than I am capable of) in Where The Hell Is The Outrage? Mish presents several timely and accurate articles and at the end posts 22 things he is outraged over. Somehow after reading his rant and comparing it to mine, I now know why you prefer the home team when describing the actions of our government and the Fed.

Karl Denninger at The Market Tickr points out something that should really piss everyone off in ALERT: Nelnet Fraud Allegation. (Note: Zero Hedge Covers this issue in The Nelnet Whistleblower Scandal Hits Wikileaks: JPM, Citi And Nelnet Implicated In Massive Conspiratorial Student Loan Fraud) Karl summarizes, "This is Constitutionally indefensible and amounts to nothing other than preying upon our youth through the use of them as "levers" to both induce them to take on unconscionable debt and, when possible, abuse their parents - all for the benefit of the banksters who, this lawsuit alleges, don't even comply with the thin protections that Federal Law is supposed to provide!" So, we have uncovered another scam that someone in the enforcement arena seems not to care to address or even give a shit that it exists. Simply amazing. Wonder how many other issues like this are simply floating around out there?

Naked Capitalism has Munchau: Next Crisis Coming Sooner Than You Think. This post from the Financial Times is a good one. "Alternatively, central banks might prioritize financial stability over price stability and keep the monetary floodgates open for as long as possible. This, I believe, would cause the mother of all financial market crises – a bond market crash – to be followed by depression and deflation." This article puts the two paths ahead of us in a nutshell and surprisingly neither path has a good ending.

The Pragmatic capitalist reminds us that INSIDER BUYING STILL NEAR RECORD LOWS. "The latest data for the week ending October 16th shows that insiders sold $320.8MM worth of stock while insiders purchased just $32.81MM worth of stock." I'll let you do the math on that one. Pump and dump folks. They are hauling ass with your money! Get a clue.

The Big Picture found this Frontline: The Warning (Brooksley Born) which will be a must watch tomorrow night as Frontline narrates how Greenspan and the Clinton administration shut down the original whistleblower. This one should be a good watch. Set your TiVo's.

GL out there. In case you did not know APPLE CRUSHES ESTIMATES, ANALYSTS CONFOUNDED LOL.

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