22 January 2014

SP 500 and NDX Futures Daily Charts - Smells Like Teen Spirit

“The tyrant is a child of Pride
Who drinks deep from his sickening cup
Of recklessness and vanity,
Until from his heights headlong
He plummets down into the dust of dreams.”

Sophocles, Oedipus Rex

I get the sense that the wiseguys would like to execute a strong 'wash and rinse,' but the Fed wishes to see a steadily rising market to bring that wonderful confidence in their policies to bear on the political landscape.

For now we are in a clear trading range for most of 2014, the usual sort of gentle 'wax on, wax off' that keeps the punters piling into hot stocks and nekkid ETFs, where they slowly die by a thousand cuts.

This is a light economic news week, but the earnings just keep on coming.

Icahn is running a gambit with Ebay and Paypal, and this provides some talking points for the financeTV pom-pom queens, since NFLX is running a bit tired, even with a gungho after hours pop of sorts on their 'good news.'

Have a pleasant evening.