How is your favorite index doing today? This is a 1m chart I have you may want to bookmark.
11:30 - SPX 1m - Backtest of the diagonal near 79 I spoke of below. Back in the larger wedge.
USD/SPX comparison - this correlation will have to bust sooner than later. If not they both need a corrective in a serious way. Oh, nad congratulations, your dollar has lost over 10% of it's purchasing power since June!
Still in topping mode. Against my better judgment (knowing we have 3 POMO days next week and a fresh POMO schedule to work off of now), I'm still leaning to calling some sort of top. The question becomes are we still in P2 and have a lot more upside to come or is P3 still (rightfully) in play? Idiotic? Insane? Fing nuts? Absofrigginlutely, but what else isn't? I believe we've all come to the conclusion that this game is rigged and nothing is real anymore. The market has become untradeable on other than 1 and 5m time frames. I did actually swing a very small TZA position last night. First time I have swung anything in a while.
Bottom line as I have been saying since the 1040 low when Ben raised the markets from the ashes it is all about the QEII announcement, POMO and the elections. After the elections all bets are off.
Minis 4hr - Added the orange channel and a pink diagonal off of the Sept '09 lows that fits where we are.Way to many things coming together here for it not have topped yesterday or will top soon no matter what POMO or the HFT bots say.
Minis Daily -
