Minis daily - Controlled ascent. MACD about to bear cross as is S Sto. The divergence on RSI is pretty harsh. Without POMO I'd be looking at calling a major top here, but we can't go there. We should be close though. Typical holiday volume wind down.
Bears better make hay today and in the shortened session tomorrow. POMO comes back with a vengeance on the 3rd. Remember not to fight the Fed. Benny and The Ink Jets has promised to keep the markets afloat and he's doing a fine job with that so far. Bears may get a hand when the Fed must support the muni markets in '11 with a heavier hand. Other "needs" will begin to rear their heads in '11 as well. Supporting the EU will become a major issue. All this leads to a flat controlled market with limited upside from here.
Bears will have to remain patient. I believe the econ indicators and earnings will begin to weaken in early '11 and then really fall off later in the year. This will damper markets but not cause the crash. We're gonna need the exogenous or external event I have been calling for to end it all. When that finally happens it will be a game over situation, and I'm looking for martial law to be in effect soon after.
Martial law Shanky? Seriously? Yup, when the SS and pension systems totally collapse you are gonna see the FEMA camps come alive as all the pent up frustrations finally boil over. They can possibly extend this nightmare till 2012, but I have my doubts. I believe the markets will top in February or in the summer and when they do you better have fuel and food. I plan on doing a big write up for the new .com blog for 2011 predictions.
I will be consolidating everything into a new .com site that will be better for everyone. More info on more topics that will free me up to have a broader base. Calling the markets and charting will be primary focus, but getting back into ranting and writing will be much more prevalent. Spreading the news and enlightening the readers will eventually become more important than anything (as long as that will be allowed by the government). With what I plan on writing and posting, I suspect my "handler" (if not already) will have me flagged and a room at the nearest FEMA facility ready for me to occupy.
Thanks to everyone for another great year on the blogs. I honestly appreciate the support from everyone. Way too many to mention by name, but I have to point out Rich, ODA and Incarnate for their superior support both on and off the blog. Without these three keeping my head on straight, I could have easily melted down multiple times. It is tough making daily calls and all. Fortunately we have been on the right side of the trade a vast majority of the year. We're growing and the community is melding nicely. I hope to maintain and grow this going forward.
Thanks again to all of you for voting on SC (hopefully that nightmare will end soon). That is like donating to me cause I get free time, and if I make HoF this month then it will be a constant draw to the site for more readers. Your voting is mostly a huge vote in confidence in my abilities and possibly the best compliment I can get. Little things like that help to keep me going. I am not as elaborate as others and don't have all the fancy charts and stuff, but I do generate what matters in the end, a high percentage of correct market timing calls.
Thanks to all and a happy New Year!
