03 February 2016

SP 500 and NDX Futures Daily Charts - Risorgimento

After the bell they were missing earnings, or making the earnings and missing the revenues, or some reasonable facsimile thereof.

Stocks did a big midday turnaround off the lows, because 'oil showed some strength' and the dollar was taking the short term siesta and falling over.

Right now it appears on both charts that we have a decent chance of forming continuation patterns, either a bear flag or a symmetrical triangle. The bear flag has a higher chance of moving lower next, with the symmetrical triangle still bearish but not quite as much.

The economic news continues to stink up the place.

Today had all the hallmarks of a very technical move designed by the pros and algos to shake out the 'investors.' It is like Planet of the Apes, with the short term insiders as the gorillas, having all the horses and weapons, and spend their days hunting down the rest of us, the human beings.

They are not smarter. Don't give cheaters that kind of praise. This is not a market anymore; this is a carney sideshow, three card monty.  But they are not too lazy to steal, I will give them that.  Too bad they can stick their hands into your pockets via Washington even if you are not playing their games directly anymore.

Have a pleasant evening.