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...

Here comes the gun into the close. I hope it's spectacular.

C'mon, give it to me, baby.

Nope, same grind to a new high and snap back and grind some more.

Although the odds seem slim, this may grind up to cash close, and then do one of those nonsensical, silly explosions in the after-cash.

C'mon, give it to me, baby.

Here they come! I love it!

I'm hoping it can overcome the first level as we hit into it here, and shoot for the next, which is 39.50-40.00, center of area. It's asking a lot of this on such a grinding day, but if they do the illiquidity pop thing, it could do it.

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?

35.75, deep into the key area. Normally I'd say this should stop or reverse it (short term), but on a Friday close with a key intervention weekend, I'm expecting they burst it over the key area. But, they may not, they may close it right at the key spot, as they are wont to do many times. I'm happy either way, but I can't wait to see what they do.

I just can't imagine not getting a burst up in here. We'll see.

C'mon, blow the area out, give it to me, baby.

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.