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GDP report came weaker than expected. Fitch downgrades five European countries. And SPX barely moved! You still think news drives the market and there is no market manipulation! Which rational investor will buy equities when countries are downgraded? All the power to the believers.
Today was a kind of consolidation day where the purpose of the day was to kill the short and bring in the wavering bulls. The problem as I see it, the capitulation is not complete yet. The SSI (Speculative Sentiment Index) is still negative for the Euro and AUD. The SSI has to turn positive before we can see any meaningful pull back.
Have the markets started building 2012's chocolate cake for a bullish Christmas tea party? Let's see what foundations have been prepared for the first layer, so far, in January. The following charts and graphs will help me to illustrate this possible scenario.