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ES has been consolidating for a few days without any hits of the two trendlines that I have been mentioning every day. That has changed overnight with declining resistance from July hit at the overnight high, and then rising support from the last low broken on the next swing down. If we are going to see some retracement on equities then this is the place, though we might see a bit more chopping about before it really gets going:
Good morning, everyone.
Well, those turd-monkeys in Europe are doing a masterful job of robbing me of my beauty sleep. I've been getting up at about 3:30 or 4:00 each morning in a state of anxiety, worried that the Euro is going to show a 300 pip spike because of the latest God Knows What. I was relieved to see the Euro's gains from last night had transformed into losses and that the hearty pushes higher in the NQ and ES had evaporated. So now I will simply be weary instead of nervous.
Since I'm up again at this ungodly hour, I'll share a chart that I found quite intriguing that illustrates, once again, how the trillions of dollars in artificial aid being thrown at the public has become the equivalent of throwing matches at a pile of kindling that's been soaked with Perrier. In spite of artificially-low mortgage rates, the amount of activity in the housing market is somewhere around bupkis.
I'm going to make a fresh loaf of gingerbread for my children for when they wake up. At least someone will have a pleasant awakening.
