December 22, 2010

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

I just can't buy the GDP report. How the US economy grew is beyond me. I think it will be proven eventually to have been a fraud report. Till that point we have to go with what they are telling us.

SPX daily -Upper diagonal resistance. Bottom line is the divergence is about to get blown out and when that happens you get into what I call a blow off top. Anything above here or as it climbs from here, the more ridiculous it all becomes.
Not sure if we're making the pilgrimage to the ATL today as Lil' Shanky I is wiped out. May take II. So I will be in and out today as well. Thanks to all for the comments and great conversation yesterday. We're a budding little community with a bunch of knowledgeable traders. 

Have a good day and enjoy the season!
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