Afternoon Delight - SPX

Ramp me up Scottie!

60m chart is not quite there but where it could turn. That said, the daily chart has plenty of room to run. Without a whipsaw 30m should get a MACD and TRIX bear cross in the morning. Based on the daily position this would offer no more than a corrective, but in these volatile markets (the 15m charts were the best signal for the last 4 turns) you can't trust anything. Given the jobs report and Philly Fed report this morning basically noting what an economic disaster area this nation is, nothing matters other than news (does not even have to be factual - just a rumor will do) from the euro zone at this time.

SPX 30m -

STB Morning Post 09/15/11 SPX

Not much to say this morning without rehashing the obvious, Europe in in deep trouble, America is in deep trouble and the financial system supporting it all is in even worse trouble. AS STB began to point to a few months back around the first Debt Ceiling debate in July, I believe the financial masters of the universe are finally seeing the light and may actually be tired of throwing good (well what's left of good) money after bad just to save the banks.

STB speculated that until the US debt ceiling is raised significantly and the Fed enters QE land again the euro zone would be on its own. Well, they have proven that without stealth funding from sugar daddy Bernanke they are capable of .... nothing. They can't fix the issues alone. China or the Swiss pop in for a EUR stick save every now and then, but bottom line is the EU is screwed. No, this is not Germany's fault. the former Wiemar state is proving that at least one country on this planet may have actually learned from its mistakes in the past and is not willing to repeat them.