No real change from yesterday's outlook, with the added info that bulls have thus far held the 1403 level and maintained the hope of a wave (4) bottom.
Accordingly, I'm only going to do a brief update. The 15-minute SPX chart notes short-term support/resistance, and a bearish sell trigger. Note the potential head and shoulders which everyone and their uncle's elder roommate is watching. The fact that so many have noticed it leads me to think that means a lot of bearish front-running, which leads me to think the market heads UP near term.
And the SPX daily chart below, which hasn't really changed in the last couple months:
Trade safe, and don't forget to vote. Unless you're one of those people that knows absolutely nothing about the real issues facing this country, or what this country stands for in the first place, in which case you should probably just stay home.
(Warning: Rant Alert!) I think this idea that "everyone should vote" is incredibly stupid -- some people clearly should NOT vote. My personal preference would be that a passing grade be earned on some basic test in order for an individual to be allowed to register to vote in the first place. It would consist of simple questions about our government, and if you couldn't answer these questions, you'd have to go the hell home and learn something before being allowed to decide the fate of the free world (or if you're a Chicago voter, instead of going home, you would be sent back to the cemetery from which you were exhumed).
"Well, Pretzel," I can hear you muse, "What types of questions are you talking about?" Funny you should ask, because I just happen to have a short list of examples floating around in my head.
Example Questions in Order to Vote:
What is the Constitution?
a. The supreme law of the United States of America.
b. A "living document" subject to the current whims-du-jour of the very leaders from whom it is intended to protect us in the first place.
c. A new car from Hyundai.
d. A sandwich.
Who said, "You can please some of the people all of the time, and all of the people some of the time, but you can't please all of the people all of the time."?
a. Abraham Lincoln
b. Abraham Lincoln, but he actually said "fool" instead of "please."
c. What do you mean "you can't please all of the people all of the time"? Why not?!?
d. And who's Abraham Lincoln?
What form of government is outlined in the Constitution of the United States?
a. A Republic.
b. A Democracy.
c. Wait, if I were smart, I'd realize that this actually helps me answer question #1...
d. Can I go home now?
Nice crisp update Pretzel... thanks. Those are often just as informative as the longer ones and in most cases are even 'refreshing' for your readers. 'Short and sweet' is just fine when the market action tells you that's all that's needed for today. You certainly don't have to go into 10 hours of work every darned night just to make your readers appreciate your work. We appreciate it no matter how much detail you've gone into on any given night. Short and 'precise' is really good at times. Thanks again.
ReplyDeleteI totally agree that it's a silly notion that 'everyone should vote'. For one thing, nobody's vote counts anyway. Without wanting to sound like I'm ranting myself or being overly sensationalistic, I'll still say what I know to be true; the banking and fascist oligarchy own all the horses in the race anyway. The entire concept of red state/blue state, Republican/Democrat, liberal/conservative is a completely false paradigm designed to give the voters the impression that their voice counts. It doesn't.
Don't you find it absurdly weird that most of the time the votes come up at something like 49.95% for one side and 50.05% for the other side? For that to happen over and over again is a mathematical near-impossibility no matter what subject is being voted on. I find something exceedingly strange about that... contrived. What an interesting way to keep the American people divided (and therefore easily conquerable at all times). Don't get me wrong though, I 'do' more or less trust the vote counting... like I suspect that the vote counts are accurate to within say... 10% or so. I admit though that I never did understand why they hung every guy named Chad in Florida that one year. I have a nephew named Chad and that unnerved him a little bit. I told him, "No worries lad, you're in Canada, we don't put up with hanging Chads here."
I also don't think "everybody should vote" because, for example... even though I knew all the correct answers to your "Qualifying Quiz" I'm not an American. So I don't think I should vote in today's election. If I did though, I'd vote for mars. Wait... he's not an American either. Then I'd vote for UKDNY (aka DUNKY) because he's talkative. All presidents should be talkative. Wait... DUNKY isn't an American either. He's from Great Britain or some other Swedish country like that. I can't remember... his name is confusing. So then I'd vote for Benedict Arnold because I like him... I think he's an American as well, although the other Benedict Arnold was an American for a while but then defected to the British side. But when I was a kid I went to school with a guy named Benny Arnold (true story) and he was a Canadian. So I'm all confused about the Benedict Arnolds of the world.
So I'd probably vote for Lady Furrball although I wish she'd stop talking about my anus in public like she does. Yeah... Lady Furrball would get my vote because once she's president she can talk about 'everybody's' anus and I wouldn't feel nearly as singled out as I do right now. Besides, she offers a lot to the team and we really 'should have' a team player in the president's office. That's never happened before and I'd say it's about time.
VOTE FURR! YAY!!
Well, you have completely dashed my hopes about running for President, since I didn't make the list of people Canadians would vote for! Sigh. I guess there's always 2016... ;)
ReplyDeleteLOL...believe me brother, the leader of the best blogsite on the internet is needed right where he is. The possibility of your presidency getting in the way of your dedication to this site was the eliminating factor. Besides, the USA has already had a President Hav Hoover. As I recall there was some sort of huge structure that was built a few decades ago and it's named after him but I can't remember what kind of a structure it is. Damn!
ReplyDeleteThe fact that your name does not appear on the ballot is a sign of ultimate respect and love from north of the border.
Thanks... now I'm gonna have to come up with some excuses for the other names on the list when they read this. "How come you want me to be president? Don't you love or respect me?" :-)