Just over three hours. I can't wait... Lots of action over the weekend, including the 'big' Spanish bank bailout. Here's some food for thought. It's essentially identical to every comment on the topic I've made since the '09 bottom. As an intelligent investor I hear the news of a huge, monster (proportionately it's about double the size of our TARP) bailout of the ever so important Spanish banks, and I want to sell everything I own. Shoot first, and ask questions later. If it's that bad, I'm 'a steppin' aside'. But, I think there is a good chance this thing gaps up 20+ points. That is extra significant because we are in a key area. It may have one more little push up, or it could happen where it has already hit. Anyway, the market rockets up, through a brick wall area, on super bad news?

The logic is actually there. I still am caught up in the myth that it's a free market, that it discounts actual value, and that investors will be making decisions on the news. Wrong, in my opinion. It is nothing but manipulation. The powers that be will, of course, instruct their primary dealer minions to spend some of those trillions they are stealing from you and I to gun this up on the bad news, in order to prevent panic, scare hedge funds silly, and create an atmosphere of the market being thrilled to pieces with the bailout. Hence, all is, or will be, well. See, that's the game we actually have.

Combine this with a record short interest in the Euro and a short squeeze there is an accident waiting to happen. And Euro exploding has, since the '09 bottom, meant 'risk on'. This thing is all set up for a big leg up, as insane as that sounds (and is, in my opinion). And it would distress me tremendously if this great area is 'blown out'. But, alas, I am fully expecting these filthy scumbags will do it. To me it's tradeable no matter what it does, but some things would be easier for me to stomach. About three more hours and we'll know...

So, five economic reports this AM, all five disappointed, market up. Same old, same old.

Is this coil ready to break to the upside now? Ready for the end of Friday run? Then we get something happening over the weekend, they print a few trillions and give it to the banks, and they gun the futures way up on Sunday night?

Actually, I think the highest probability event for the Greek elections is that they don't elect anyone who campaigned on the promise of a Grexit, and there is no need for any additional money printing. The market may even find that disappointing. But, if so, I think they will find some other reason to print some, for fun. We'll see.

And then this upcoming week is the big Bern-Qwacke meeting to be revealed on Wed, and the consensus I have found is for the big QE3 announcement. Again, we shall see. If not, the market would likely take that as a huge disappointment, and that could start it down to finish the 'correction'.

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.

Hits the GLOBEX high to the tick. Now watch and see if it's a game, or if it's real.

If this gets going I'm looking around 39.50 next. But, there are a lot of things coming in from say 34.75-36.50. But, the way it is acting on such a strange day, I'm not sure it can get past the 1-2-tick game area. I'm uncomfortable being long side bias here. What a strange day. Are they really waiting for the weekend news?

Two ticks over that GLOBEX high. Let's see if they can do anything.

Let the run begin...

34.25, time for me to start being extra careful.

Originally posted by jimkane

If this gets going I'm looking around 39.50 next. But, there are a lot of things coming in from say 34.75-36.50. But, the way it is acting on such a strange day, I'm not sure it can get past the 1-2-tick game area. I'm uncomfortable being long side bias here. What a strange day. Are they really waiting for the weekend news?

See why I'd want to be extra careful there?

Is this the shake before they gun it way up into the close? Hard to say, it could be nothing, or it could drift down. But this is exactly the kind of action I'd expect on a rangy choppy day right before they gun it up into the close...

And the SPY 'breaks out' for another big push up, appx. 3.75 ES points from where it closed. Now that's impressive. They want it, and they want it bad. Can't wait to see the news over the weekend, and how the market takes it.