01 July 2015

SP 500 and NDX Futures Daily Charts - Corruptio Optimi Pessima

"If ever you find yourself environed with difficulties and perplexing circumstances, out of which you are at a loss how to extricate yourself, do what is right, and be assured that that will extricate you the best out of the worst situations. Though you cannot see, when you take one step, what will be the next, yet follow truth, justice, and plain dealing, and never fear their leading you out of the labyrinth, in the easiest manner possible.

The knot which you thought a Gordian one, will untie itself before you. Nothing is so mistaken as the supposition, that a person is to extricate himself from a difficulty, by intrigue, by chicanery, by dissimulation, by trimming, by an untruth, by an injustice. This increases the difficulties ten fold; and those who pursue these methods, get themselves so involved at length, that they can turn no way but their infamy becomes more exposed. It is of great importance to set a resolution, not to be shaken, never to tell an untruth.

There is no vice so mean, so pitiful, so contemptible; and he who permits himself to tell a lie once, finds it much easier to do it a second and third time, till at length it becomes habitual; he tells lies without attending to it, and truths without the world's believing him. This falsehood of the tongue leads to that of the heart, and in time depraves all its good dispositions."

Thomas Jefferson, Letter from Paris, August 19, 1785
Stocks enjoyed a 'dead cat bounce today' ahead of the Non-Farm Payrolls report tomorrow. 
Greek concerns tend to dominate the market action, with the other crises in the Ukraine and Puerto Rico falling into the background.
The Fed is investigating the markets to try and understand why there is an absence of liquidity, and what the consequences might be.  That seems like a drunk looking for their car keys.
The commentary on the financial networks is getting very heavy handed in some cases, and almost surreal overall.
Have a pleasant evening.