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We printed a doji yesterday with a lower high and lower low. We did see a bounce off the R1 1405 area I mentioned yesterday.
My guess is today the Bulls will try to run it back up to the top of the channel early. My inclination is to short that as I don't think they have the firepower to break through R2 at 1431. I also see MACD rolling over as well as declining RSI
A stop will be placed 1433 in case I am wrong
I'm not sure if I've shared this one before, but this is a brilliant routine and illustrates the superb comic timing and delivery of Mr. Gottfried. This is definitely NSFW, and those of you in Kansas may not want to click the Play button.
There were a couple of developments yesterday that could be very important game-changers. The first from the Fed minutes is serious talk of implementing QE3 if the US economy continues to weaken, which seems likely. QE1 and QE2 both had a big impact on the equity and other markets and there's no reason to think that QE3 wouldn't have a big impact too.
The second was that the German representative on the ECB came out against the Bundesbank in favor of a European QE program that would buy up the bonds of troubled sovereigns as soon as the yields reached certain trigger thresholds.
I just finished reading Octopus by Guy Lawson, and it's one of those rare books that fit the "I Couldn't Put It Down" category, much like Den of Thieves, published in 1992. It is the tale of Sam Israel, whom you may remember in 2006 was on the lam from his failed hedge fund/Ponzi scheme. He faked his suicide, was captured, and is now hanging out for the next couple of decades (with none other than Bernie Madoff) in a state prison named, of all things, Valhalla.
What's really changed since Standard & Poor's downgraded
the U.S. credit rating on August 5, 2011?
One year has passed, and the
SPX has gone from a low of 1074.77 on October 4, 2011 to a high
of 1426.68 yesterday (Tuesday), as shown on the Daily chart below. A double top
has formed at major resistance.
