You know whats more tired than the market? Me. I'm so sick and tired of the lies and bullshit that comes from the so called leaders of this country.
Here we are in election year and what are the headlines coming from our "leader" and potential "leaders"? Corporate tax reductions and closing some loopholes and lower the top bracket tax rate to 28%.
We are running trillion dollar deficits and these assholes are flapping their mouths about lowering taxes.
It's become nothing but a contest about who can promise the most bullshit not about who can fix problems and actually be a leader.
Apparently this country is so full of morons that they will elect a snake oil salesman over and over and over again.
To be honest, I don't like any of the choices. I think they all suck. I think the founding fathers are rolling over in their graves.
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Key Levels
Upside -- 1360-1370
Downside -- 1352, 1342, 1300-1296, 1257
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SPX Daily;
Same wedge we've been following. The bollingers though are starting to flatten out here, which is always a pre-cursor to turning down. Doesnt have to be a trend change, but the bollingers will always flatten before a trend change.
The interesting part about it this time is that the bollingers are flattening while we are still riding above the top of them. That's a set up for a big sudden fall that goes right through them with first support being just above 1300.
The market is obviously tired here. The only question again is what kind of selloff we get when it comes.
If we get a mild selloff that eats up time but not much % off the S&P, then there's likely another ramp coming.
If we get a very impulsive and powerful selloff, then questions will be asked about whether we've already seen the highs for the year.
GL
CJ
1 comment:
thumbs up!
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