23 May 2014

SP 500 and NDX Futures Daily Charts - Where Are the Customers' Yachts?

"Where the Lottery was concerned, even people who could barely read and write seemed capable of intricate calculations and staggering feats of memory. There was a whole tribe of men who made their living simply by selling systems, forecasts, and lucky amulets. Winston...was aware (indeed everyone in the party was aware) that the prizes were largely imaginary.

Only small sums were actually paid out, the winners of the big prizes being nonexistent persons.”

George Orwell, 1984

The SP 500 set shivers of 'whoop whoop' through the hollowed hall of the NYSE today, as the morlocks celebrated a new closing high.

This will be a three day holiday weekend in the States.

We will get a bit more on the economic news front next week, including the second rewrite of the first quarter GDP.

There is no recovery.  

Have a pleasant weekend.