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.

I'm not fighting the trend here (I've spent my whole career trying to be in sync with the trend), but keep an eye out here around this 24.75, in case they decide to try a bounce. I suspect a close at the LOD, but just in case, this is close to an area where I'm being cautious.

But I think 15-18 is the next level this may get to. Can it go straight there with no real bounce? Perhaps.

Maybe 22.50-23.00 for a bounce, but otherwise, this really is looking like it could see that 15-18 today.

Hey, roofer, the problem with the way you post charts now, using a link for charts, well, we don't get to see the chart as you see it when you post it. We see it fully updated with current data at the time we look at it. That may be good in that we get to see where it goes and if the setup 'worked', but we have no idea what the area was unless we look at it right after you post it.

Historically we'd have to look at the timestamp of the post, and then at the chart, and try to see where the price was at that time. I was looking at one of your 60-min charts from this AM, trying to see where price was when you posted that, and I couldn't, the chart doesn't have the x-axis time detail for that. If I read a post from a few weeks, or months, or even years back, it would be even more difficult. From a learning standpoint, this is very difficult. Just something for you to consider.

Watch crude... And the ES. It needs a bounce sooooooooo bad.

There it is!!! 22.00 draws the reaction. I hope that this bounce will set it up for a final roll (for this one leg only when I say 'final', as I think this will likely go to either that upper 11's area, or the lower 11's area I mentioned elsewhere) to that 15-18 area, but knowing the rampers once they come in, that may be that. Of course it may only bounce this little bit and then grind down to 15-18, too. Let's see how far this bounce can go...

Originally posted by jimkane

Maybe 22.50-23.00 for a bounce, but otherwise, this really is looking like it could see that 15-18 today.

That very well may be it for today. We shall see.

But you all know I won't be disappointed if we see that 15-18 before the close...

15-18 looking a lot better...

19.50...