by John Galt
Ah yes, another week up, another Banana Republic acknowledgment that we really are screwed as a nation. Could I even begin to make this stuff up? China, France, Bolivia and the Seychelles all said we needed a one world currency and Turbo Timmy goes “yeah, that’s the ticket.” To which the head banana bitch slapped him into next week and another (I think we’re up to number 10, 319 since January 21) clarification was issued by the warehouse where the statement clearly just stated:
The bananas look happy but they drink cheap sterno substitutes, so what the hell do those fruits know that the big fruit doesn’t?
Ugh. That’s enough to make you move to France, that’s for sure.
Well, here we go gang. The markets failed to close above 8000 with volume. 825 on the S&P did not happen. The downward trend in the 50 DMA continues thus I predict after one or more two more up days next week, once people realize “oh, earnings DO MATTER”, the most no-brainer observation of the century thus far, this market is going to sell off seriously hard.
The weekly charts tell the story. Instead of a daily perspective on this week’s action, I’m going to follow up last week’s charts with the S&P 500 and Dow 18 month charts with weekly candlesticks to give everyone a unique perspective as to the myth of a “rally” of substance under way.
Ouch. Volume tailed off a the end of this week and wow, what a week.
Despite my perverse sense of humor, the technical chart indicates a continuing down channel. Translation?
The rally talk is just that, talk and BS. Duck and cover boys and girls, we have more work to do diving into new depths of panic before St. Obama saves us….
The Weekly UTT-BUGLY Chart of the Week is a representation of what happens when you do half-assed monetization instead of terrifying the bond vigilantes to no end. The bond market freaked out, squeezed the shorts and rallied after last week’s announcement. Then they watched what they said and what they did and said the Fed was a paper tiger. Gee, what a shock. Gang if we he 3.04% (30.40) on the 10 year yield, you will see some serious panic in EVERY market.
Pray Benron learns how to play the game and quick…..
Next week we have the G20, earnings and whatever else the crack pipe, er, Teleprompter in Chief tells Barry to say.
God Help us.