At Some Point.....

At some point the lying, cheating and stealing will have to stop, but it wont be this week (or next, or....). So, any good news? Not unless your favorite college team stole a recruit from a hated rival.

Let's get on with it.

The first order of business today is The Treasury Is Soliciting Your Feedback Regarding The Proposed Annuitization Of 401(k). Yes, step two is happening and rather quickly. I think they are pretty serious about this move. They want to tap your retirement savings to save the nation (whether you like it or not). The full letter is in the ZH post. Please use the email wisely and forward it to everyone one of your contacts. "For readers who feel compelled to respond to this increasignly socialistic and ludicrous development, we suggest you voice your anger at the following address:

• e-ORI@dol.gov. Include RIN 1210-AB33 in the subject line of the message

Mish clears up the never ending employment question in Massive Layoffs Coming in NYC, Nevada, California, Colorado, Arizona, Everywhere. The double dip is coming and you will like it. Assume the position. Thank you sir, may I have another! This one is a must read as the employment issues that hit the state's proverbial fan this year across the country will be astounding. "Here's a sobering thought for all the stock market bulls: The best of this "recovery" is now likely behind us, the official unemployment rate is still over 10%, and massive layoffs are on the horizon for city and state workers across the country."

Did you know that SIGTARP Probing Insider Trading? Really? Well that is better than the spineless SEC or FINRA have done. "The Financial Times appears to have broken the story that the Office of the Special Inspector General is investigating reports of insider trading in connection with the TARP. And what makes this probe potentially serious (aside from the brazenness of it) is that the suspects include executives as well as foot soldiers:" I don't believe it for one minute. Who would insinuate the banksters would do such a thing? I mean, like, really now.

The biggest tell all along to me has been the banks less than stellar effort to loan funds to consumers and small business. They know what is coming. They know where the real problems lie. They know the deal. In Fed: Banks Cease Tightening Standards, Loan Demand Weakens Further you find out now that even the consumer sees no need to borrow at this point. We're all sick of it and don't want any more. Like gorging at the all you can eat catfish buffet for 4 years, you kind of lose your taste for the stuff. Maybe, the public is catching on (that or they are tired of paying 30% on their CC balances). 


The most interesting thing I read today (and was going to do a full post/rant on the subject) was Poll: Americans pretty clueless about politics, world  I have been barking a lot over the past several months about how stupid the average American is and how we don't give a damn about anything other than our big screens and Cheetos. This post proves it.  In a poll run by The Pew Research Center We learn just how ignorant we as a country are to some pretty basic topics. I encourage you to take the poll, cause it ain't all that hard. Most answers are either obvious or can be narrowed to 50/50 very easily. I'm  telling you, we are a large part of the problem. We are lazy and just want to roll along and not have to worry about shit "we have enough problems as it is". LOL. We are so out of the loop clueless it is astounding. This translates (in a negative manner) to our need/desire for and active populace to promote positive CHANGE. I just hope we are not so far out of it that we can't rise up to regain this country from the terrorist hijackers that have control of it at this point. 


Thanks for the read and have a great evening. 

Morning Post

So we all knew GS would knock the cover off of the ball. The earnings calendar is packed today. AXP reports after the bell. The (un)employment number was worse than expected and rocked the minis about 6 points.

So let's put the pieces together. Jobs suck, banks are not lending, consumer is not spending, business spending is down, but the markets is soaring. Simple, it is called an earnings trough. Market falls to rock bottom. Estimates are set at historically low levels. Companies beat the low bar estimates. The market rewards them. We're comping to '08 numbers still. This trend will end though. The economy will catch up to the earnings next quarter. Missing on revenues for how ever many consecutive quarters will catch up to these companies as well. The coffers are shrinking (definitely not growing).

SPX 30m - Will it move back to 1150 and become range bound or does it have other ideas.After nailing my pullback target, is this a corrective up before further weakness? A 38% retracement has been completed. Based on the lower low, the futures and the daily indicators I have to vote for further weakness. 1118 to 1115 would be a good spot to look for.

Dollar - going nuts with room to run up.
Oil - Pulling back, but still in bullish uptrend channel. Should have further weakness.
Gold - Should be headed south with support at the 1084 level.
Natgas - Pulling back with support at 5.36. Tentatively traveling up a support line. Be careful if it cracks.

10 yr - trending up but at resistance. Not sure how mcu more gas it has in the tank.
EUR/JPY - At a support area. I think this area will possibly break as there is the possibility of a developed channel now headed south.
EUR/USD - Tanking in responce to the dollar's strength. 1.38 to 1.34 is the 50 to 62% retracement area.

GL out there. It is a crap shoot. Juiced earnings but bad jobs numbers. Go figure.

Morning Post

Earnings calendar from - Briefing.com - notable today are C and IBM. Of course the market has moved up after C stinks up the joint. Citi's $7.6 bln loss meets Wall Street estimate from Marketwatch. Only in America can losing $7.6 bln be met with applause. This is a really screwed up place. That is good news folks. They MET expectations losing $7.6 BILLION! Reward them. Reward them with massive equity purchases.


Mas election is a really big deal. I am going to put my conspiracy tin foil hat on and speculate the front runner republican loses in a tight race, the dems to hold the seat and for a massive vote rigging case to come out of it.

Economic calendar - Barrons.com -

SPX daily chart - I am not gonna speculate for squat this week with the earnings on deck (unless we get on a good count). I don't like surprises. We all know the market looks super toppy and TA is suggesting a significant turn sooner or later. Sorry that is my style. Is the top in? Who the heck knows. EWI has called it again and maybe the third or fourth time is the charm. For their sake, I hope they are right. I don't think we are there yet, but we could be.

Big red candle on Friday breaking some support lines. I would normally be short at this point. I'll wait for form and the correction to get short if that is eventually the place to be. If there is a 3 down to com I want to be in on it. All the indicators here look pretty bad, but then again, they have been sort of range bound to overbought for quite some time. My best guess is pay attention to the lower fibs and support. I have been calling for the wedge pullback for a while and still stick to it. Yews, I am still looking for another higher high. GL!

Gold - headed down. Possibly in a 1 of 3 down. Ouch.
Oil - 84 to 77 is not good. Esp in one week. May be a bit oversold.
Natgas - Possible H&S playing out taking /NG to 5.20 as part of what looks like a 5 wave correction. this is possibly 3 of 3 here.
Dollar - I think the dollar is in a ABC corrective (contrary to the bigger bulls out there). My target is 89. Nice pop up over the weekend and a 1.10 move up since late last week Another dollar up should not be a problem at this time.
10 year treasury - Moving up pretty strong over the past week taking out some resistance. Should continue.