Am I the only one excited? Ready to go? The Greek elections are too close to call, but absolutely nothing indicates in any way any need for 'coordinated action' from central bankers, or any additional money printing. Nothing whatsoever, in my opinion. But, and here's the rub, the insane part: the market is expecting the printing.

Now, if they don't get it, the market would be inclined to go down. This would be 'disorderly', not in that it would be truly chaotic i.e. big selling, just a small decline of say a few points, and anything considered 'disorderly' justifies more money printing. So, I suspect we'll have some printing anyway, now that they announced it 'if necessary', and the market going down if they don't get it would make it 'necessary'. See the insanity of all this?

So, I expect a big pop on that announcement. In reality, this is set up as the mother of all 'sell the news' events, especially after that crazy pop into the close and good-sized additional run up in the SPY after the futures close. We shall see soon enough.

This 38.75 is a key area. It may bounce hard off that and then sell. If it sells right down here that could really flush it. I'd think they'd try to play some upside games first.

Yep, the $267 billion was for twist. The market really should sell hard on this. The Fed did essentially nothing.


http://www.zerohedge.com/news/fed-extends-twist-through-end-2012-prepared-take-further-action

Here comes the 'big bounce'?

Yep. Too predictable.

Originally posted by jimkane

Here comes the 'big bounce'?

This 47.25 area is the first spot it could roll from. Somehow I think they want a lot higher. But I'd be happy if the selling could begin.

I can't even post fast enough to keep up with the rise. Now at 49.00, the next possible roll level.

Probably it wants at least 52.50-53.75, or even a new high for the move...

Next leg up coming?

Let me dream. It's only a dream... That was a 'lower high' there.