We are off to the races today!
Too bad I’m going to miss this, I’m away for the day but have fun on what is probably going to be the lowest-volume day since our top in mid-October. Let’s call this a bonus rally as market pushers take advantage of the low, Veteran’s Day volume and lack of substantive news to goose us over our 5% levels, which will now give us some critical bullish lines to hold.
Yesterday I said we would be looking for retraces before breaking higher and clearly we are not getting them as the market is up almost a full point in pre-market trading as the Dollar falls below 90 Yen and now a full $1.50 is needed to buy a Euro, up from $1.25 (20%) in March. Does it bother you that your bank account has lost 20% of it’s buying power compared to the rest of the civilized World in just 8 months? Does it bother you that your wages (if you are one of the 89% that are not already unemployed) have lost 20% of their buying power? If you are the average American citizen - Not at all! No one seems to care and it’s too complicated for the MSM to explain because it requires math.
We are still too bearish (55%) for a move over our range tops as I underestimated the ability of the pumpers to stir enough excitement on low volume to get us over the 5% lines we discussed in yesterday’s post (Dow 10,206, S&P 1,086, Nas 2,152, NYSE 7,087 and Russell 588) let alone the 25% upside levels we targeted in Monday’s post (Dow 10,250, S&P 1,100, Nasdaq 2,187, NYSE 7,000 and Russell 600) - which is where we planned on getting more bullish. Will we hold it? That’s the question of the day and, even if we do hold it today on low volume - it won’t matter until we get a proper test. As you can see from Mojo’s S&P chart, we are now into our bonus round of upward movement that may last until next Wednesday but, more likely than not, 1,100 is a great shorting opportunity on the S&P this morning.
I wrote an article earlier about the Global Oil Scam and the same techniques that are used to manipulate the energy markets are in play today. We are hearing a ton of analyst upgrades this morning, including poppa Goldman telling the sheeple that gold can go…
