Afternoon Delight 09/29/11

How bout that end of day ramp action! Gotta love it. STB is really glad to note that the market rallied because, ....because, ....I'll have to get back to you on that one. I'm sure some other reason than an end of quarter statement print that the hedge funds had to have or the PPT salvaging 11,000 on the DOW was the reason. Maybe the latest rumor that they will have another meeting to discuss the failure of the EFSF and how to bolster that program this evening was it? Who knows? I'm sure CNBS will come out with some valid reason soon.

If you missed the Morning Post - it is chocked full of all sorts of charts - Shanky's Technical Analysis and Market Commentary: Morning Post 09/29/11, USD, AUD, EUR, JPY, Gold, Silver, Oil, SPX, DOW, Copper 

On to the news today -

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 -