Morning Charts 10/09/12 SPX /ES

The joke du jour for STB is Moody's Slaps ESM With Negative Outlook On Day Of Its Official Launch. Yes, even out of the gates the newest and brightest bailout package is presumably doomed from the start by one of the ratings agencies. How is it that the crooked and on the take rating agencies can go against the establishment? I have no clue. Maybe someone at Moody's found Jesus in a closet or something. Well, Judas maybe, their AAA with negative outlook is still a complete farce, but at least they are willing to shed a bit of light on reality.

Staying with the farce theme today, for those that don't believe that the markets are rigged and that liquidity is at best a ghost - "A single mysterious computer program that placed orders — and then subsequently canceled them — made up 4 percent of all quote traffic in the U.S. stock market last week, according to the top tracker of high-frequency trading activity. The motive of the algorithm is still unclear." Now regular STB readers know all too well about this action and this news is no surprise to them, but for new readers, you need to know that this has been happening for years and is really just old news.

Morning Charts 10/08/12 SPX /ES

CBO CONFIRMS FOURTH CONSECUTIVE YEAR OF TRILLION-DOLLAR DEFICITS UNDER OBAMA. I did not all cap that post title, that is the way it came. If it wasn't I would have all cap'd it myself. It is a point that needs to be emphasized. "The Congressional Budget Office (CBO) reported on Friday that the budget deficit for 2012 was $1.1 trillion and was only $200 billion less than 2011's deficit because Oct.1, 2011 fell on a weekend."

What can we say about this audacity that we have not been addressing over the past three years here at STB? Absolutely nothing. Three years of bitching and moaning and truth telling have in a way gotten old. I'm tired of waking up day after day and reporting the same thing over and over and over for years. The outrageousness of it all is beyond comprehension.

To sit here day after day and watch our future be sold out from under us so the TBTF's can be glorified saved and the entitlement class can be exponentially expanded at the expense of current and future generations is horrifying. Watching a government out of control serving the special interests over their subjects the people who should control the overall situation is astounding.