Hi Everyone,

In a shameless attempt to relieve myself of coming up with a ton of original writing, I am going go bombard you with charts today. Many people have asked about my favorite positions.

I have something like 160 positions now, so I'm going to try – – and this is tougher than it sounds – – to cull out 25 of those favorites and show them throughout the day in 5 chart chunks.

It's been a fantastic day so far – – I've been trading the /ES profitably right from the get-go Sunday at 3 p.m.; it's probably the first time I've ever generated cash while actually watching the Oscars. Gold is down. Bullish hopes are getting squished. My kinda day.

Anyway, I'm the hardest-working lazy man on the planet, so you'll see those charts real soon now.

I bet a lot of you enjoyed the Oscars last night. Man on a Wire was one of my favorite movies from last year, so I was pleased to see it take home Best Documentary. I was even more excited to discover that, after a lifetime of waiting, I am at last more physically appealing than Sophia Loren. It was a struggle, but by God, I got there.

The /ES, for me, remains the best view of the market, since it encompasses far more trading hours. I sort of feel sorry for my old self, since the $SPX is just a subset of this view. Looking at the daily chart, I think we've got good resistance just beneath 800 and, if that is busted, strong resistance at 840.50

It wouldn't surprised me if the Big Countertrend Rally started appearing on the sides of milk cartons. It just never seems to show up.

Let me first state that it seems a lot of folks thought I wrote the prior post. I didn't. I like what it said, but I didn't write it. It was – – as the title plainly states – – from a Slope reader.

Anyway.

I've been in touch with a gentleman who has a pretty amazing story. I'm not sure if I'll lay it all out. But here's a small taste:

The SEC had 25
lawyers, countless investigators, accountants, 90 depositions, hundreds of
thousands of subpoenaed documents, and 5 layers of management assigned to my
case from the Philadelphia, New York, and San Francisco offices prosecuting
this for eight years and three countries.  I went to trial in Federal
Court in 2005 and the judge dismissed the case without requiring me to place a
defense.  A first for the SEC I believe.

I then sued the SEC and they settled.  No one outside the SEC and I know
how massive and obscene this was as I never told my story.  As the SEC
paid me, I just shut up; but maybe I shouldn't have.


The reason I'm telling you this is that I believe that one important reason the
SEC failed so badly with Madoff et. al. was that they were busy chasing me.

Maybe I should write another book?

I appreciate all of your insights on the market, but also the postings showing the political aspects of our government actions, as they impact the market movement every day.

Your post about leaving the country resonated with me, but after considering all the options, perhaps we have reached a point where it is time for the average citizen to stand up and fight for their country. Revolt against these corrupt deeds and put the country on the path to economic prosperity and morality.
I feel like I would rather fight for the survival of the country I was born in, than walk away. Maybe I am too much of a optimist, but I feel like our country only needs leaders who know right from wrong to solve most of these problems. Good common sense will give a elected representative a path to follow when making policy.

The path provided by morality and common sense is one which the majority of citizens will support and follow.
The mortgage principal write downs and reworked lower payments is basic charity.
Beyond all the moral hazard and ethics of reworking contracts to use taxpayer funds as a subsidy, I question what has happened to the country's priorities?
If our government felt the need to spend trillions of dollars, why have banks, AIG, and now homeowners been given priority over meaningful charities?
How much good for society would have come from spending trillions on cancer research? How many of us have a mother, sister, wife or daughter suffering with breast cancer?

Maybe if we spent trillions on R&D, a cure might be found quicker.
How much "good" could be done for handicapped children? How many new wheelchairs could be purchased? How could the quality of life be improved for anyone with a terminal disease?
Put the trillions of taxpayer funds into looking for a cure for MS. A cure for Parkinson's. A cure for spinal paralysis.

All these listed, and many more "good causes", are far more deserving of taxpayer funding than any banks or homeowners who refuse to pay their bills.
This is no longer a issue of moral hazard, the government as representative of the entire country and its citizens, has lost its basic moral compass.
Our elected officials should all go visit a children's hospital for terminally ill kids, walk from room to room and explain why taxpayer money is being used for mortgage principal reductions instead of finding a cure for their illness.
This much government spending would provide people with hope and after spending trillions of dollars on research, I believe that scientific breakthroughs and cures for terminal illness would be discovered.

In pure monetary terms, the cure for cancer would provide far reaching benefits for the entire span of humanity compared to mortgage write downs today.
I thought that taxpayer money was to be used for the good of all the citizens. The Obama plan for mortgage charity is so far removed from any basis of benefit for deserving causes, it does not represent the needs and wishes of the people paying for it, the American Taxpayer.