Now the 30m chart below is ST but this daily still shows the financials lagging quite a bit. Do they need to catch up before a more significant correction can occur or are they where they need to be and everything needs to drop to their level? More fin charts to come.
Thanks to Incarnate for pointing this out (via text message - he's at work - not really working). Remember we like it when these charts bunch up like this at tops or bottoms. Finacials leading down so far. Some indexes have set lower highs (SPX and DOW) and others (RUT and COMP) higher highs. The ST indicators are screaming sell. Of course that comes with massive amounts of caution in POMO land.The dollar was falling and that has stopped to some degree and it like the markets is consolidating. I had mentioned several times FAS the past couple of days. I hope some got that play as the financials did play catch up and FAS outperformed.
CNBS trying so hard to cover up bad jobs report. They appear so "surprised".This bullshit is catching up to them. My opinion, the Dems needed a push or some bad news to assist with the dumping of the Bush tax cuts.
Minis fell from a high of 1227.25 which overnight finally took out the November QEII announcement highs and fell in a "flash" to the April high support at 1216. Below 16 just like on SPX you have 1207 and then 1200 support.
ECB Intervention Continues: Trichet Accelerates Portuguese Bond Buying, Forces Short Squeeze from ZH notes that the EU is now in full monetization mode. Yippie! Extend and pretend has extended across the pond. This will virtually ensure the death of western economics as we know it, yet it buys the crooks some more time to leach off the system on their way out.
We've been looking at that 30m chart for a corrective and also at the daily (above zero) MACD bull cross (that will get whipsawed this morning). POMO and the dollar have been the turbo boost. EUR/USD spiking this morning and the dollar cracking channel support should give you a hint that this run is not over.
Happy Friday and GL!
Linus Van Pelt: "And there were in the same country shepherds abiding in the field, keeping watch over their flock by night. And lo, the angel of the Lord came upon them, and the glory of the Lord shone round about them: and they were sore afraid. And the angel said unto them, 'Fear not: for behold, I bring unto you good tidings of great joy, which shall be to all people. For unto you is born this day in the City of David a Savior, which is Christ the Lord. And this shall be a sign unto you; Ye shall find the babe wrapped in swaddling clothes, lying in a manger.' And suddenly there was with the angel a multitude of the heavenly host, praising God, and saying, 'Glory to God in the highest, and on earth peace, good will toward men.'"
That's what Christmas is all about, Charlie Brown.
Happy Hanukkah!
