Weekend Look (by Cool Beans)

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Just read Tim Knight's post.  Must agree this has been a challenging month.  We have gone from seeing a Bear Flag … morph to a Wedge and now price has morphed this to an asending channel.  It's a bit much, but one has to expect something like this when price is in a range.  Looks like we are now breaking out of that and I would expect to see moves higher.   Seems like there is nothing to stop the $SPX from moving up to the 1257 level.

I ask myself 'what about the news..??? it's totally negative..'  Yes, it is… there is much that is negative and it is the sheer volume of negative items that are going to help push things higher. First off is the politicans and Wall Street  now both see that the jig is up… the people are in early revolt.  The only thing they can do (if they wish to get re elected) is to side with the wishes of the people.  

Obama will soon come on side with the Occupy Wall St. protests.  It is my view that negative news from here on out will be suppressed and events like a GOOG earnings beat will be highlighted.  This is now at a point where they must not fail… or the protests and violence would significantly escalate.  Will their efforts resolve the problems we are seeing…? Most certainly 'not'.  This is all about kicking the can further down the road on the 'hope' a solution can be found.

Let's look at a chart… ^GSPC ( yahoo's SPX data)

GSPC

A quick look at TLT… am looking for support at the 112 level.

TLT

The $TNX …. I will be watching the 2.9 level very closely.  The channel should be the resistance area… but a break above would be a tell..for sure. TNX

Ok.. that's it for me.  Just thought I would share some of the stuff that I look at at the weekend…Good luck and trading next week.  I've been trading very short term and working off the charts.. and not the news items.

Cool_Beans