16 August 2013

SP 500 and NDX Futures Daily Charts - Let Freedom Wane

"Pride, envy, and avarice are the three sparks that have set these hearts on fire."

Dante Alighieri

A weak day with the Michigan Consumer Sentiment setting the tone.

Next week is a light economic data week, with the release of the latest FOMC minutes on Wednesday as the highlight.

I am looking at the bottom of the trading channel on the SP 500 for support. It may take a little while to get there. Unless that breaks decisively I am not overly concerned. Until then this is just the wash and rinse, monkey business as usual.

If you have not had the opportunity try listening to the Thomas Drake video at the National Press Club. The actual speech is only about 22 minutes long, and the rest of the time is spent answering audience questions, which is also very interesting as well especially considering the audience is largely made up of reporters.