My chart depicts what I percieve as Resistance trend line from the 2000 top, because this chart isn't being talked about much it may be valid, we won't know until it is tested, we are there now.
Next week is options expiration week, and they tend to be more bullish, with the FED meeting out of the way, the BULLS have a chance now to state their case as tell us the fundamental data doesn't matter, that job losses don't matter, that CHinese market is off 10% from highs doesn't matter (another 3% last night), that the BDI turning down about a month ago doesn't matter, dropping rail shipments dont matter, job losses continuing over 500,000 dont matter, falling home prices dont matter, tightening credit doesnt matter, other than FED no market for our paper dont matter, that FED is buying the very Treasuries needed to sell to others to fund deficits dont matter, empty shopping malls dont matter, commercial property stress dont matter, prime loans defaulting dont matter, fake bank earnings dont matter, and a SPX 500 overvalued by historical standards, well doesn't matter.
D
2 comments:
"tell us the fundamental data doesn't matter, that job losses don't matter, that CHinese market is off 10% from highs doesn't matter (another 3% last night), that the BDI turning down about a month ago doesn't matter, dropping rail shipments dont matter, job losses continuing over 500,000 dont matter, falling home prices dont matter, tightening credit doesnt matter, other than FED no market for our paper dont matter, that FED is buying the very Treasuries needed to sell to others to fund deficits dont matter, empty shopping malls dont matter, commercial property stress dont matter, prime loans defaulting dont matter, fake bank earnings dont matter, and a SPX 500 overvalued by historical standards, well doesn't matter."
Very, very well said. I love it.
But if the MSM and B.O. say the recession is over, then that is all that matters isn't it.
A sharp down move may be unfolding today (8/14). 990 - 992 looks like near term support in S&P. If broken
970 area looks next.
BAD
There is a LOT invested in keeping this smoke screen going, where else could 500,000 running out of benefits and coming off the CONTINUING CLAIMS be hailed as proof of recoverY?
Sure is a perverted idea of sound economies.
How many are trying to get out of homes they cannot afford and moving back with mom at age 40 plus?
I feel they can manufacture fake GDP miracle coming up......my goodness I dont talk to anyone rockin and rollin.....
D
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