Morning Post 01/12/12 (SPX)

Well, the minis got a higher high last night and as discussed here over the past two weeks the trend up into the FOMC meeting (as markets tend to do) remains intact for now. Stopping 2.5 points shy of the 1300 round level, the minis pulled back on the data this morning. Jobless claims get back to 399k (which will be revised over 400k as is the standard). Gee is that a surprise to any of you reading this? EU rates remain unchanged and they did not ease but will most likely begin printing again in February (thus the pop in the futures).

So, The jobless claims increase 25k and the markets pull back all of 7 handles? Really? That should have been a 20 point thrashing as the "recovery" takes another body blow. I'm sure our president did not like hearing that news. This also makes me think that whoever controls this number would like a new leader for this country after this next election (you have to connect all the dots).

My morning post yesterday was really the most comprehensive market position chart you will find on the web for this time. Everything in it will remain in play for at least another week if not thru the FOMC meeting and OPEX as these markets churn out this top. My Is Gold About to Collapse? post yesterday drew quite a crowd. You may want to see that one as well. It ties nicely to a potential coming collapse in equity markets.