Morning Post, SPX, S&P 500, e-mini

SURPRISE - Still int the wings. We're packed and ready to go now. One last chart.

Possibly a completed 5. Looks out for rond level of 90 and then of course for 2000. May be close enough that they have the scent. No POMO and a ramp. Not so sure it could get any worse. Just a few more gaps.

Looking at charts last night, the daily charts are screaming for a retrace to 1130 with the lower BB, 50 and 200mas and the former highs as support. Maybe we get something this weekend, or we just have to wait for the election and the QEII announcement. Or like Greg asked, will the market ever fall?

Rich may be right about the whimper. Ribs and chicken sound good ODA. Incarnate, bring enough beer for everyone not just you. As for the others that did not offer anything I'm disappointed. I'm off now. GL!

Minis topped (so far) at the upper wedge resistance line and pulled back even after the jobs report supposedly surprised. If all this positive news only has the minis up 5, I view that as incredibly weak. Apparently our counting of the 3 corrective to 62.5 low was it. and we should finish a 5 up this morning. The big question is does price break out to new highs, does it remain in this range or does it finally have some sort of meaningful retracement? This wedge action is undeniable, but an overthrow (even a significant one) is still possible but doubtful as there is not much wedge left and the daily MACD has gone in bear mode. I still worry about that 1200 level just above but really think this is the top at or near this level.

I will not be here today or tomorrow. Fall break and we're taking the kids on an old fashioned vacation to the Chattanooga, TN area which should be a lot of fun. No intraday comments (unless I call Incarnate and tell him to note something), but I will be reviewing things at night and will also have a morning post tomorrow. Chart updates will be limited till Sunday night.

Dollar falling again. Not sure with where the USD/JPY pair is that they can allow it to fall much farther. 

CAT and MCD beat and the minis set a higher high. All praise POMO, the promise of QE II and lowered earnings estimates. When the fact that all this growth that is the reflation trade ramped by nothing more than fiat currency, zero interest rates and sensational amounts of debt is finally realized, the pain will finally set in.

Minis 60m - The pattern is plain to see. Range bound rectangles and ramps.The question is are we about to tirn 80 resistance into support and move into a new range from 80 to 00?

Here the trend is back to 1040 levels. They cycle fairly well and they measure nicely. You are witnessing an artificial controlled and measured ramping of the markets.

If the markets get a good whiff of 2000 level that would only make sense to be the next 20 point range to travel into. Guess what is 20 points past that? QEII and POMO and the fact that they MUST at all costs keep the markets afloat means this charade will continue until someone somewhere calls shenanigans on the Fed and administration. It is totally awesome that they can do this to support the global elite all the while shifting wealth and future tax obligations to them as well. God bless America. As investors we need to do as they say, "follow the money". Sadly this appears to be the only reliable trade till it all implodes.

GL!