Hi everyone 

This post is basically a comment cleaner as it just seems to be a toss up where we open on Monday. That being said the "insiders" knew that there was a big bailout coming way before we did as usual! Nothing new there, though the charts were set up for a nice rally if the bulls could hold 1298 and that they did and boy did they.

Then after the cash close on Friday you notice how the futures rocketed up another 30 dow points (those knew what was going on Saturday) Now how the markets react now is most important. We  have worked off a huge amount of oversold conditions and on some charts approaching overbought short term. Will it be a buy the rumor and sell the news I want to say so. That's the oldest saying that i know of or one of them anyway on Wall Street. Or sell the rumor buy the news works just as well. we went from 1266 spx on June 4th to 1325.66  (1327.87 would be exactly 61.8% and we're are a couple points away from that) on June 8th! That's huge! we have retraced 61.8% of the 1365 high of May 11th low of 1266 to 1325 (1327.87 to be exact) which is 61.8%

Here is a quick view of spx

Next level up on Fibonacci on the hourly SPX is 1344 area. We should see that level reached todayIt appears the overnight Futures loved this news (a great anotherbailout)  When will the world realize kicking the can down the road will end badly when it does and it's not "if" its "When 

Now that gap will get filled but we just don't know when. This week is Monthly OPX normally about 68% of time is a bullish week, the most being on Tuesday and then Wednesday, Thursday Friday can be just a whole lot of chop.

The Greek election is the 17th so that is next  Sunday and that could be the next wave down, that being said I do not hold much if anything overnight or on Weekends as you know it's a HFT crap shoot.

But lets take a look @ daily Eminis

More charts to come if anyone would like a specific symbol just ask :)

Hi everyone 

Here's hoping everyone had a fabulous 3 day holiday! I know I did and caught up on some much needed rest

Right now we have a mixed bag on the charts. Daily looks like some more possible upside bounce, but what I am seeing by no means the downside is over. Now we are all focusing on Greece, but what I am seeing developing is far more reaching than just Greece and I am watching Spain like a hawk. It may not happen this week, but I do think there is a nice correction coming and could be rather deep. 

I read this this a.m and thought yep we are going to see a possible Domino effect in Europe soon and if so could be really ugly. 

May 26, 2012

New Spanish Finance Horrors Shock The World

Now this in itself may not seem like much to some, but the implications are that this is just the beginning of unraveling a whole slew of bad debt being carried by the Eurozone Banks, not to mention who in they're right mind believes Greece will stick to they're austerity measures!!  That being said any of the Countries that are living off Germany's hard work.

We have the election coming up and the tax cuts that may or may not expire and this all spells uncertainity! And if there is one thing that the markets hate is uncertainty. 

Now let's look @ some charts side by side

EUR/USD  EUR/CAD

all our discussion on Euro and Looney prompted me to do a few charts 

SPX ES

/NQ Nasdaq 

XLF daily and 2 hour

SPY

I will be adding more charts as we go :)'See you tomorrow

Don't forget anyone that wants to try and free trial just email me @ This e-mail address is being protected from spambots. You need JavaScript enabled to view it  

oh here's another on the $DXY dollar cash and 30 year treasury note /ZB