The Look of the SP Futures Hourly Ahead of Turbo Tim

Festina lente. (Make haste slowly.)

In other words, watch for fakeouts and do not be too quick to hit that buy or sell key. This can go either way.

If Timmy has done his homework the Working Group should be prepped to buy if the market doesn't. Hank would have done so.

Sometimes the right thing to do is absolutely nothing until the market tells you which way it will go.

This is one of those times.

It ought not to matter to the Obama Administration how the equity market reacts in the short term. That is like asking a new batch of crack addicts how they like their first week in rehab.

To elaborate in response to a question, I look at multiple markets for confirmations, not simply one chart like the SP futures. The NASDAQ 100 futures are a ctitical component of this mix for example.