Tomorrow may be G day (as in Greece day - or Germany day).
What spooked the market today. Well since CNBS basically never mentioned a word of the big breakdown today or why it was happening (just more solid financial reporting from "the" industry leader), so I naturally went straight to Zero Hedge. We need to pay attention to what's happening there tomorrow.
Failed Bund Auction Having Spillover Effects On Europe was what got the market this afternoon. the supposed strength of the EU had a failed auction. "Eariler today there was an auction of €3 billion 30 Year Bunds that failed to attract enough demand to cover the offer: only €2.752 billion in bids were collected, with just €2.458 was sold. This is the first failed bond auction in Germany in over a year." This following up lots of German rhetoric that Germany's Critical Main Opposition Party Says "No Greek Bailout ".
Next is the fact that the financial heads of the world are descending upon Athens as we speak. this is new. this is big and means that they are going to finally get some result and not three more months of speculation regarding the bailout of the "possibly" bankrupt country. All Shall Be Well - Goldman's Latest Perspectives On Greece "Delegations from the IMF, European Commission and ECB – a reported total of 20 people – are arriving in Athens today to start negotiations on the macro conditionality of the rescue package." You don't just airlift in 20 people like this for nothing. This sounds more like a negotiated bankruptcy than some sore of bailout conglomerate.
Then tomorrow you get the Tomorrow EuroStat Reports European Government Deficits: Expect More Pain For Greece On "Downside Surprise" a report from EuroStat may be as reliable as a report from out BLS or one of the three fine ratings agencies we can fully trust here. Bottom line is in this report there may be some fireworks as clean and never massaged EuroStat data may ignite some reality based fear about the under reported real conditions of the european economy.
Mish has Credit Default Swaps on Greece Hit Record High; IMF Calls Greece Crisis a “Wake-Up Call” on Sovereign-Debt Risks a nice post further emphasizing the problems in Greece and with some of the other PIIGS.
The trouble at home is really getting stirred up. Hell we may not have to vote anyone out of office if the GS suit expands to the true width it deserves, they may all just get kicked out. A Sober Warning To The GOP - And The Democrats is a post from Deninger that is extensive and some of his best work I have seen yet (something about sticking sticks in the eyes of the bad guys must be his thing). I highly suggest you read this well documented and concise post that covers the political fallout that may be worse than the eruption of the volcano Eslkjfglkabfglakdfbglakjfbgaa.
Tomorrow and Thursday have potential to be huge market movers as fallout here politically (the mixed blessing is that our government may become totally dysfunctional) and overseas might just shut down more than air traffic.
GL!
Wednesday, April 21, 2010
30m SPX - Not holding My Breath, But.......
UPDATE - $DJUSFN - LOL watch it bounce to new highs.H&S target near 95.Sorry I did not post the H&S earlier.
The 60m and daily could be rolling over as well. Here is the 30m chart. Got the bear cross and most interesting a lower high on the indicators (not to mention price). Do we have some sort of trend change? This is yet to be confirmed and is what had (still has) me somewhat concerned is a lower high on the indicators (those are really rare these days). Any real turn is yet to be seen, but keep your heads up just in case the GS bots are down for repair or something. RSI needs to make it thru the 50 line. SPX has busted support and gotten back below the bull market top line resistance and the February top line resistance. March top line resistance held for the most part near 1210. If it begins popping I'll update this post. Let's see what transpires in the lunchtime lull. Might have to wait for any confirmation till after 1:00. Let's see what happens on a backtest of the 1206/07 level. I am short SH, SDS and FAZ since early this morning. GL.
The 60m and daily could be rolling over as well. Here is the 30m chart. Got the bear cross and most interesting a lower high on the indicators (not to mention price). Do we have some sort of trend change? This is yet to be confirmed and is what had (still has) me somewhat concerned is a lower high on the indicators (those are really rare these days). Any real turn is yet to be seen, but keep your heads up just in case the GS bots are down for repair or something. RSI needs to make it thru the 50 line. SPX has busted support and gotten back below the bull market top line resistance and the February top line resistance. March top line resistance held for the most part near 1210. If it begins popping I'll update this post. Let's see what transpires in the lunchtime lull. Might have to wait for any confirmation till after 1:00. Let's see what happens on a backtest of the 1206/07 level. I am short SH, SDS and FAZ since early this morning. GL.
Morning Post, SPX, S&P 500, E-mini
Remember they run the show. They control like 70% of the volume and front run almost everything. They are still in the pump and dump process trying their best to keep C above 5 so the government can get out at the best price possible. The action in $DJUSFN on the 1m charts yesterday starting around 12:30 was amazing. I believe someone wanted it to flop yet another party kept buying it up. It would gap down and up again. It was wild.
The days of ENORMOUS earnings and ripping off investors is coming to an end for Wall St and the big banks. Eventually they will enforce accounting rules and some sort of regulation. The BIG grab is on. Kinda like being caught with your hand inn the cookie jar, you know you're busted, so why not get all you can while you are there. In this case there is no knee jerk, oops, sorry, my bad, won't do it again, knew I was wrong situation. In this case it is like that super defiant 10 year old that does not give a shit and sits on the floor and just keeps downing the cookies in your face till you take the jar away.
Sadly the country is in such bad shape (cause your government let it get that way) that they can not do anything to stop the bastards from eating the cookies, cause if you stop them the sugar buzz goes away and we all crash. The catch 22 is how to get the fraudsters out of power, reenact real regulation and accounting standards and keep everything from crashing again. Sadly, that can not be done. It will end with the breakup of the TBTF's and some serious deflation and most likely a serious depression. Greece will go down soon. That ticking time bomb's fuse cant be pulled out any farther. Global tensions are growing. The crescendo is coming.
I have to ask, where the hell are all of these earnings coming from? The "cost" savings from firing half your workforce,excessive write offs from lax accounting standards, not spending a dime on anything other than necessities and producing only what is absolutely necessary all the while with several consecutive quarters of "despite lower revenues" game will come to an end. I personally think the "analysts" and businesses set the bar a little to low this quarter. Consider it a gift. The consumer is dead. Credit is gone. The government can not support 70% of GDP (what the consumer used to carry) much longer.
Earnings Calendar -Just lots of them. I guess SBUX and NFLX are the two with the most interest after the bell today.
Economic Calendar - Petrol at 10:30 and that's it.
Pivot Points - Know 'em
Bob Pissani makes me sick (possibly more than Liesman but not as much as Kneale). I actually watched CNBS after the bell yesterday and Maria B (gosh she looks like crud) just can not be stomached either. Could you imagine having to listen to that voice when you get home at night after a long day? Ouch.
Looks like the minis will be flat after recovering some losses overnight. They are at the support of the bull market's top trendline retest.
Index comparison - OK, looks like we finally got everyone on the same page. That last run up was a little disjointed. This move has a much tighter band which you would much rather see in a manipulated run like this. There is no reason for anyone to underperfom.
SPX 30m chart - Not sure how to react to this one. With the dailys almost in full reversal mode headed back to overbought land and the 60m still climbing maybe the market wants to run some more. Hell, everyone is blowing earnings out of the water, so really, what is there to stop it? Keep an eye on that MACD for a bear cross.
GL today!
The days of ENORMOUS earnings and ripping off investors is coming to an end for Wall St and the big banks. Eventually they will enforce accounting rules and some sort of regulation. The BIG grab is on. Kinda like being caught with your hand inn the cookie jar, you know you're busted, so why not get all you can while you are there. In this case there is no knee jerk, oops, sorry, my bad, won't do it again, knew I was wrong situation. In this case it is like that super defiant 10 year old that does not give a shit and sits on the floor and just keeps downing the cookies in your face till you take the jar away.
Sadly the country is in such bad shape (cause your government let it get that way) that they can not do anything to stop the bastards from eating the cookies, cause if you stop them the sugar buzz goes away and we all crash. The catch 22 is how to get the fraudsters out of power, reenact real regulation and accounting standards and keep everything from crashing again. Sadly, that can not be done. It will end with the breakup of the TBTF's and some serious deflation and most likely a serious depression. Greece will go down soon. That ticking time bomb's fuse cant be pulled out any farther. Global tensions are growing. The crescendo is coming.
I have to ask, where the hell are all of these earnings coming from? The "cost" savings from firing half your workforce,excessive write offs from lax accounting standards, not spending a dime on anything other than necessities and producing only what is absolutely necessary all the while with several consecutive quarters of "despite lower revenues" game will come to an end. I personally think the "analysts" and businesses set the bar a little to low this quarter. Consider it a gift. The consumer is dead. Credit is gone. The government can not support 70% of GDP (what the consumer used to carry) much longer.
Earnings Calendar -Just lots of them. I guess SBUX and NFLX are the two with the most interest after the bell today.
Economic Calendar - Petrol at 10:30 and that's it.
Pivot Points - Know 'em
Bob Pissani makes me sick (possibly more than Liesman but not as much as Kneale). I actually watched CNBS after the bell yesterday and Maria B (gosh she looks like crud) just can not be stomached either. Could you imagine having to listen to that voice when you get home at night after a long day? Ouch.
Looks like the minis will be flat after recovering some losses overnight. They are at the support of the bull market's top trendline retest.
Index comparison - OK, looks like we finally got everyone on the same page. That last run up was a little disjointed. This move has a much tighter band which you would much rather see in a manipulated run like this. There is no reason for anyone to underperfom.
SPX 30m chart - Not sure how to react to this one. With the dailys almost in full reversal mode headed back to overbought land and the 60m still climbing maybe the market wants to run some more. Hell, everyone is blowing earnings out of the water, so really, what is there to stop it? Keep an eye on that MACD for a bear cross.
Tuesday, April 20, 2010
I Think We're Close
The fraudsters have finally been called out (well everyone but CNBS who will act the hero and turn coat to save ass I'm guessing only when the noose is firmly around the perps throat). It is beginning to get wild and woolly. Mud slinging is not only coming from the SEC, but it is now being launched across Washington as the Republicans look to counter the Democratic 3-2 SEC vote to prosecute GS. Greece, possibly this week, will most likely be proven the total disaster it really is. More banks will be brought into the fraud fray as the net widens and suits begin to pop up from here to Timbuktu.You are finally witnessing the beginning of the end.
Zero Hedge shines light on The Truth Behind The Government's Citigroup Stock Price Manipulation. TD warns, "Trade this market if you must. Just know full well that it is about as much integrity as the 3 card monte games played at the cafe of the central Moscow Politbureau. And every day that the administration is in charge makes it worse. The Dodd bill will be the nail that will seal the fate of the American decline into irrelevancy, as the cannibalism between the big financials takes on a brand new meaning, funded all the while the indebtedness of future generations of Americans. Assuming such exist in the first place." The $5.00 price is key for the institutional buyers. The volume in C is stunning, and I guess it will remain that way as long as the pump and dump is on in fill force. They are trading your retirement assets for theirs at these prices. The old bait and switch. When they are all out....
We all know they are hiding the truth. Whether under their skirt or in the closet the fraudsters do not want you to know what's real and what is not. “Who Would Not Want the Transparency [for Derivatives]? The Only Parties that Benefit from a Lack of Transparency are Wall Street Dealers.” from Washington's Blog. "The bottom line is that we are now in a system where gains are privatized and losses are socialized (and see this). The debate over CDS is really one part of the larger debate as to whether that system will continue or not.While all of the focus is on the battle over derivatives legislation, the truth is that legislation is only a small part of what is really going on." As long as they are making money from any source, no matter the source, they don't give a flip about any collateral damage and that is what has already destroyed this nation and the global financial system.
Credit Writedowns has Financial reform now being considered would not have prevented the crisis. "We, the undersigned, call on you to fulfill the responsibilities of your position by joining together in non-partisan cooperation to pass legislation that AT A MINIMUM would have prevented the crisis we just endured. Such legislation must include ALL of the following reforms or be considered incomplete:" Give this one a glance. It gives great insight to the BS Dodd is trying to pretend is financial reform.
Not much out there to really report on today, so you get a nice short post. If you want to dig into the GS fray or more on Greece visit the Hedge. They got it all. GL!
Zero Hedge shines light on The Truth Behind The Government's Citigroup Stock Price Manipulation. TD warns, "Trade this market if you must. Just know full well that it is about as much integrity as the 3 card monte games played at the cafe of the central Moscow Politbureau. And every day that the administration is in charge makes it worse. The Dodd bill will be the nail that will seal the fate of the American decline into irrelevancy, as the cannibalism between the big financials takes on a brand new meaning, funded all the while the indebtedness of future generations of Americans. Assuming such exist in the first place." The $5.00 price is key for the institutional buyers. The volume in C is stunning, and I guess it will remain that way as long as the pump and dump is on in fill force. They are trading your retirement assets for theirs at these prices. The old bait and switch. When they are all out....
We all know they are hiding the truth. Whether under their skirt or in the closet the fraudsters do not want you to know what's real and what is not. “Who Would Not Want the Transparency [for Derivatives]? The Only Parties that Benefit from a Lack of Transparency are Wall Street Dealers.” from Washington's Blog. "The bottom line is that we are now in a system where gains are privatized and losses are socialized (and see this). The debate over CDS is really one part of the larger debate as to whether that system will continue or not.While all of the focus is on the battle over derivatives legislation, the truth is that legislation is only a small part of what is really going on." As long as they are making money from any source, no matter the source, they don't give a flip about any collateral damage and that is what has already destroyed this nation and the global financial system.
Credit Writedowns has Financial reform now being considered would not have prevented the crisis. "We, the undersigned, call on you to fulfill the responsibilities of your position by joining together in non-partisan cooperation to pass legislation that AT A MINIMUM would have prevented the crisis we just endured. Such legislation must include ALL of the following reforms or be considered incomplete:" Give this one a glance. It gives great insight to the BS Dodd is trying to pretend is financial reform.
Not much out there to really report on today, so you get a nice short post. If you want to dig into the GS fray or more on Greece visit the Hedge. They got it all. GL!
Fireworks?
Minis as I noted this am on the 30 and 60m (not to mention the dailys) do not look good at all. They held the top TL resistance as expected and are battling support now. 93 is the target if they let go.
On the other hand, cash does not look all that bad with the 30m just now bull crossing. The 15m is pretty toppy and the 10m is rolling over. The completed 61.8% retracement of the fall from 1214 says some sort of corrective is due.
Put the two together and is sounds like a B or 2 wave and nothing larger. I'll throw out updates. I hope everyone got that nice short pop this am in FAZ and the others. A little pop here thru lunch to set some divergences would be an added bonus.
Hell, this thing could spike to 1400, all I'm sayin in that the set up is there on the minis and the 10m is close.
Bernanke at 11:00 may move the market. GL.
Daily SPX - See the dashed blue top wedge resistance line?
See it again here? Just saying it is in play I believe at these levels. The green line is the backtest of the busted support line from the February lows. The black diagonal just above near 1208 is the march top resistance line. So this is a double backtest point with resistance above. Market does not have the ass to push it thru here I believe. If it does break thru here it would be super strong. That red diagonal is the March support line. See the divergence on the 10m RSI? Let the MACDaddy cross and we should get B or 2 or worse. It may be pulling back here to get a stronger run to get thru all that resistance I pointed out. Who the heck knows these days.
This is another look from the feb lows.Looking at this chart you see why I like a retracement to the 50 to 42 range if it would just let go. That blue dashed line is the bull correctives support line.
On the other hand, cash does not look all that bad with the 30m just now bull crossing. The 15m is pretty toppy and the 10m is rolling over. The completed 61.8% retracement of the fall from 1214 says some sort of corrective is due.
Put the two together and is sounds like a B or 2 wave and nothing larger. I'll throw out updates. I hope everyone got that nice short pop this am in FAZ and the others. A little pop here thru lunch to set some divergences would be an added bonus.
Hell, this thing could spike to 1400, all I'm sayin in that the set up is there on the minis and the 10m is close.
Bernanke at 11:00 may move the market. GL.
Daily SPX - See the dashed blue top wedge resistance line?
Morning Post, SPX, S&P 500, E-mini
Minis up 5 and challenging the top trendline of the bull market corrective again. Apparently the "analysts" low balled every estimate for the Wilshire 5000 and earnings season will be nearly as successful as Goldman's trading record. What we have to determine here is if this is merely a corrective and the top is in or did we simply have another corrective to the bull run and we've still got some climbing to do. Throwing rocks at giants worked in Bible stories, but in real life throwing rocks at golliaths only pisses them off, and GS might be feeling a little testy. I might expect them to ramp their trading performance over 110% and might scalp a few more pips per trade.
Earnings Calendar - AAPL and YHOO after the close. MCD, WFC and many others in the morning.
Economic Calendar -Bernanke at 11:00
Pivot Points - Know 'em
Is this a corrective or are higher highs yet to come? Will the dailys finally take over and embed the lower time frames or was this just another rip down and the next melt up is just beginning? I think we'll have the answer this week. A 100+ point fall is no big deal. We need a ripper. I'm talking 200+ points. We need something that gets the sellers off the bench and out of the closet. Bottom line is if we get some sort of 5 wave structure here to start out with a smaller B or 2 then I believe we're still in orbit and the shorties are still SOL. If the form gets a deeper B and then we get a C and not a 3 then we'll have a chance. Will we get a smaller wedge? We have to watch form here for the tell.
Blogger is not performing this am (It really is inadequate and I need to get off my butt and go .com) so no chart, but if you look here at the daily SPX chart yet again I get my MACD bear cross with a falling hist and a S Sto bear cross, but is RSI going to spoil the party by hitting the breaks at 50? I hope not. Another fake out fall? It is possible the minis can turn here this am at resistance and with the 30m and 60m indicators possibly topping. We do not have the standard gap down ramp up open today. With AAPL after earnings this afternoon should be interesting. We have to let this corrective play out that is all I can say at this time. GL!
Earnings Calendar - AAPL and YHOO after the close. MCD, WFC and many others in the morning.
Economic Calendar -Bernanke at 11:00
Pivot Points - Know 'em
Is this a corrective or are higher highs yet to come? Will the dailys finally take over and embed the lower time frames or was this just another rip down and the next melt up is just beginning? I think we'll have the answer this week. A 100+ point fall is no big deal. We need a ripper. I'm talking 200+ points. We need something that gets the sellers off the bench and out of the closet. Bottom line is if we get some sort of 5 wave structure here to start out with a smaller B or 2 then I believe we're still in orbit and the shorties are still SOL. If the form gets a deeper B and then we get a C and not a 3 then we'll have a chance. Will we get a smaller wedge? We have to watch form here for the tell.
Blogger is not performing this am (It really is inadequate and I need to get off my butt and go .com) so no chart, but if you look here at the daily SPX chart yet again I get my MACD bear cross with a falling hist and a S Sto bear cross, but is RSI going to spoil the party by hitting the breaks at 50? I hope not. Another fake out fall? It is possible the minis can turn here this am at resistance and with the 30m and 60m indicators possibly topping. We do not have the standard gap down ramp up open today. With AAPL after earnings this afternoon should be interesting. We have to let this corrective play out that is all I can say at this time. GL!
Monday, April 19, 2010
Ramp Job, Rim Job....Whatever
I'm not gonna address or rehash any of the GS soap opera. We all know what the bottom line is. What the heck you think I have been bitching about here since the early days of the blog? Fraud, cheating, stealing, greed, and cronyism are the buzzwords of the day. Now we have the SEC coming down on GS as the result of a narrow vote. Don't count your chickens. I'm willing to bet the SEC is deep in crisis mode bowing to Blankfein and his servants like Obama does to foreign leaders.
I'll be totally surprised if the SEC can mount any sort of credible case against GS (even with enough evidence available in the public sector to put them under the jail forever). Hell, they have most likely gone after the one part of the syndicate that is most difficult to prove that will be drawn out the longest in court and involve the smallest penalty just to blow smoke over all the 1,000 other indictable offenses. Folks, remember this is an election year. Care to place a date on some sort of trial or conviction (mid-November maybe?), and yes the vote in the SEC was 3 for the democrats and 2 for the republicans. Don't be a moron. See this act for what it is, BS. Apparently the market does not give a hoot either. Let's the games go on.
naked capitalism has Who is Next in the SEC’s Crosshairs? Some Possible (and Heretofore Overlooked) Suspects I would treat the list as a buying opportunity personally. Think of all the bad publicity these banks will get. In this market nothing works better. "Invest in us! We're doing debt offering to assist in our bonus structure cause we're insolvent. Please give generously cause all we have ever done is good things for you! Pay no attention to that stuff marked to fantasy on our balance sheets"
The one thing I saw today that made me smile was former President Clinton saying he made a mistake. “I mean, that was a mistake I made.” Oops. Sorry. My bad! Glad to see Denninger pick up the ABC news interview. In Clinton Once Again Redefining The Word "IS" you get the former head of the universe discussing his big boo boo allowing Summers, Rubin and Greenspan to deregulate the universe. You all know I linked the Frontline Brooksley Born show in many posts and if you did not watch it shame on you. To learn more about ground zero of this crisis hit the link and go read. Thank you Mr. Clinton.
Folks, something large is coming. My "external event" is not far off. I do not know what it will be, but they are still clearly in control as long as the carry trade is alive and well. I do not know if the top is in or not. I'd say I'm 85% it is in. I wanted one more higher high and I got it. I don;t think I can call for another, but a nice double top would sure be pretty.
GL!
I'll be totally surprised if the SEC can mount any sort of credible case against GS (even with enough evidence available in the public sector to put them under the jail forever). Hell, they have most likely gone after the one part of the syndicate that is most difficult to prove that will be drawn out the longest in court and involve the smallest penalty just to blow smoke over all the 1,000 other indictable offenses. Folks, remember this is an election year. Care to place a date on some sort of trial or conviction (mid-November maybe?), and yes the vote in the SEC was 3 for the democrats and 2 for the republicans. Don't be a moron. See this act for what it is, BS. Apparently the market does not give a hoot either. Let's the games go on.
naked capitalism has Who is Next in the SEC’s Crosshairs? Some Possible (and Heretofore Overlooked) Suspects I would treat the list as a buying opportunity personally. Think of all the bad publicity these banks will get. In this market nothing works better. "Invest in us! We're doing debt offering to assist in our bonus structure cause we're insolvent. Please give generously cause all we have ever done is good things for you! Pay no attention to that stuff marked to fantasy on our balance sheets"
The one thing I saw today that made me smile was former President Clinton saying he made a mistake. “I mean, that was a mistake I made.” Oops. Sorry. My bad! Glad to see Denninger pick up the ABC news interview. In Clinton Once Again Redefining The Word "IS" you get the former head of the universe discussing his big boo boo allowing Summers, Rubin and Greenspan to deregulate the universe. You all know I linked the Frontline Brooksley Born show in many posts and if you did not watch it shame on you. To learn more about ground zero of this crisis hit the link and go read. Thank you Mr. Clinton.
Folks, something large is coming. My "external event" is not far off. I do not know what it will be, but they are still clearly in control as long as the carry trade is alive and well. I do not know if the top is in or not. I'd say I'm 85% it is in. I wanted one more higher high and I got it. I don;t think I can call for another, but a nice double top would sure be pretty.
GL!
Morning Post, SPX, S&P 500, E-mini
I hope everyone had a good weekend. FAZ is up a wad and the minis are down 7. C reports better than expected (surprise! LOL).Gets ignored as it should.
Earnings Calendar - IBM after the bell and GS with KO and many others in the am before the open.
Economic Calendar - Leading indicator report at 10. Auctions later then pretty quiet till Thursday.
Pivot Points - Know 'em
My thoughts are is this threat at regulation real or just another sham to get the bastards a decent shot at getting reelected in November? Real regulation will kill everything and really hamper earnings for the TBTF's, so don't count on anything that will hamper profits to much. Sadly the banks that WE saved will fight tooth and nail for the right to continue to rip us off with all they got. It is an amazing system we have.
On the minis the 30 and 60m are oversold. What we need to have is for the daily indicators to have enough momo to finally change the trend. Another thing is we need for this corrective is something sustained and lasting not another quickie.
SPX 60m - The gap down this am will hurt this chart and the 30m. Cracking that black TL and the 88ma will assist the bears as well. The big question is can it follow thru. Can we get the really big sustained rip that is required to change the trend. Hard to put a finger on a number, let it get in play and then I'll make the calls. I'll update thru the day with charts. GL!
Dollar - should reverse here, I have it backtesting broken support and overbought.
Oil - getting crushed still, might pause, but continued weakness is expected.
Natgas - basing, but looks like it is gonna get more downward pressure.
Gold - Battling it's LT support line. Possible massive H&S worth around $200.
EUR/USD - Holding support, but it should get crushed soon as it is expected Greece will finally default sooner than later.
Earnings Calendar - IBM after the bell and GS with KO and many others in the am before the open.
Economic Calendar - Leading indicator report at 10. Auctions later then pretty quiet till Thursday.
Pivot Points - Know 'em
My thoughts are is this threat at regulation real or just another sham to get the bastards a decent shot at getting reelected in November? Real regulation will kill everything and really hamper earnings for the TBTF's, so don't count on anything that will hamper profits to much. Sadly the banks that WE saved will fight tooth and nail for the right to continue to rip us off with all they got. It is an amazing system we have.
On the minis the 30 and 60m are oversold. What we need to have is for the daily indicators to have enough momo to finally change the trend. Another thing is we need for this corrective is something sustained and lasting not another quickie.
SPX 60m - The gap down this am will hurt this chart and the 30m. Cracking that black TL and the 88ma will assist the bears as well. The big question is can it follow thru. Can we get the really big sustained rip that is required to change the trend. Hard to put a finger on a number, let it get in play and then I'll make the calls. I'll update thru the day with charts. GL!
Oil - getting crushed still, might pause, but continued weakness is expected.
Natgas - basing, but looks like it is gonna get more downward pressure.
Gold - Battling it's LT support line. Possible massive H&S worth around $200.
EUR/USD - Holding support, but it should get crushed soon as it is expected Greece will finally default sooner than later.
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