20 December 2010

SP 500 and NDX March Futures Daily Charts

US equities seem to be drifting higher on very low volumes, led by the SP 500 futures which are reaching up for 1251, the better to paint a bright holiday season for the Wall Street insiders and their political cronies.

The primary industry in the US is now financial engineering (less euphemistically known as fraud), and it appears that business is still brisk and quite profitable despite the recent crisis.

I have some expectation of a rather sharp decline in equities, but I will not get out ahead of it, given the Fed's willingness to keep providing fresh dollars to their banking friends who are papering their way to prosperity at the expense of the many.