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.

You'd think the sell today would discount all of this already, but I'm posting this because:

a) I love the title: 'Moody's Hammer To Fall At 4 PM'

b) I love this line: 'Assume crash positions'


http://www.zerohedge.com/news/moodys-hammer-fall-4-pm

19.50 was 'retested'. Can it go up on a little 'short-covering' now, or will the sellers hit it into the close? I would think up, but you never know.

Reacts right off the 1-min bearish ABCD. This thing is so weak. They need to hit it here at this .382/.447 area, or it may seek those new lows.

It's toast. Or in a position to be toast. I love it, but I also sense that if they sell it relentlessly it may finish itself off, and I'd prefer a more technical, slower grind to lower levels. On the other hand, given what we saw in '08 and '09, it can sell relentlessly for a long time if the panic is there.

Bang! Bang! Maxwell's silver hammer
Came down upon his head.
Bang! Bang! Maxwell's silver hammer
Made sure that he was dead.

From the Beatles song Maxwell's Silver Hammer

I'd say 15-18 is in the bag.

I'm not calling any bottoms here, but I'd be shocked if this takes out that new 18.75 low in the RTH today.

Ruh-roh...

I am in love with these sellers/bears, but they are shocking even me. Every climaxing and/or finishing move they make the can barely bounce it and down it goes. That last one looked like it for sure. 18.00 now hit. Fully into the key area. I am guessing, and at this point it really is a guess, that we will see a reverse 'sell the news' as they announce the Moody's Hammer downgrade dead on this key area, and it does a relief rally. Imagine, after a huge drop like this, if the news blew it out to the downside. That is not what I see happen in almost every case, though. But, if the money printers have temporarily forsaken them in the 'election plan' scenario, that could, indeed happen...

Rampers, HFT algos, primary dealers, bulls, and the rest of them, looking to the image of the Federal Reserve and the ChairSatan in the sky: 'Father, why have you forsaken me?'

Okay, finally? 17.50 and up it goes. I know it's going to happen somewhere in here. I'd say that one is likely it, but they keep fooling me. I'm not trying to get long right off the low or anything (my viewpoint is strictly short side 'management mode' in here), but I am trying to practice reading them, and I know they are coming.