Wednesday Evening

New Zealand

S&P futures closed exactly at the level from yesterday... 1350.50. If you were not watching the markets, it would appear we didn't do much today. The reality was, it was a day trading market and we were movin' fast. After a test of the 50day SMA on the SPX (1346ish), the bulls rallied the futures up almost 17 points from the LOD to the HOD. The bears then took over and whacked it down 15 points to test the 50day SMA on SPX for a second time. Then, the bulls stepped up again and rallied it into the close about 11 points. The bullish side of all the back and forth action is that it did work off some of the short term indicators... and that opens up the possibility for a push up towards 1370ish on SPX (1364ish on the futures). The bearish side is that we are still stuck under the 1360-1370 zone... which is obviously tough resistance.

Wednesday Afternoon

I wanted to zoom out a bit and take a look at the daily chart of the SPX. You can see the high volume zone showing potential resistance at the 1360-1370 area. There are a few short term indicators suggesting we could pull back in the days ahead. The first level of potential support is the 50day SMA... currently at 1346ish... which also matches up to the futures gap from Friday at 1340ish. If the bears push below that, I'd expect the bulls to make a more firm stance around that 1320ish high volume zone marked on the chart.

Wednesday Morning

The New Government Symbol

The government today announced that it is changing its symbol from an Eagle to a CONDOM, because it more accurately reflects the government's political stance.... A condom allows for inflation, halts production, destroys the next generation, protects a bunch of dicks, and gives you a sense of security while you're actually being screwed!

Damn, it just doesn't get more accurate than that!

Edit: Sorry there is no chart this morning.  Seemed pointless since it's Fed day.  Mrs. G received this from one of her friends so don't be surprised if it shows up in your e-mail sometime.  I think it's gone viral.

No chance of a virus from this post/pic.  It is a "snip it" screen shot of the e-mail.