Friday, August 26, 2011

6:35AM: Futures are lower this morning, DOW about 30 points, as EVERY ONE awaits the over blown hype from Bennie Da Pumper, sigh, I don't know what they expect him to do, other than what he's already done, which is crush the consumer and head us into a possible continuation of the 08' recession.
Speaking of that, the second release of GDP just came out, and it was a little lower than expected, 1 percent vs 1.1 "expected", wad ever, there was virtually zero movement in the futures, as they are ignoring insignificant little items like lousy GDP numbers.
Horrible day yesterday, we came within a gnat's ass of putting on an OUTSIDE day, or Bearish Engulfing bar, we actually had a LOWER LOW than Wednesday, but the BODY of the candle failed to close below the body of Wednesday, so technically it's not a "True" engulfing. Wad ever, the 15 minute chart at the bottom is showing a wisp of a Head and Shoulders setting up, it's debatable whether we go up first to test the top of the left shoulder at $117.50 before breaking down, or if the right shoulder is already complete, either way it don't matter, as the IMPORTANT number is the Neck Line at $116, under that and it's decidedly negative, it set's up a "Target" of $113, OR, the lows of the 18th through the 22nd, WHICH, speaking of the devil, the last print on the SPY in the premarket was $115.95, sooooooooooo.........

Update: Forget it, sigh, I guess it was a delayed reaction to the data, wad ever, SPY's last print was $115.40, so I guess they DID react to it, hahaha, the neck line at $116 will thus become resistance on any rally attempt. Bennie starts his speech, supposedly, at 10AM ET, but, "usually", they release the context of the speech in written form when he starts speaking, to the MSM, of course GS, JPM, Merrill, etc etc etc, ALREADY HAVE the speech, in fact, they probably WROTE it for him, since they OWN the FED as original share holders, my only point being that they are not going to wait for every IF, AND or BUTT before making, "THE MOOOOOOOOVE"! My plan is to cool it at that time, and see what transpires, good luck to you out there in La La Land today.


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