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 thing looks ready to dump as we head into the European open. It needs a bounce real bad. No bounce may mean flush time. Are they making it look weak as a trap into a bounce? Or is this really going to dump? Crude just traded a 77 handle! Aussie weakening big-time. ES broke the little range to the downside. Something is about to happen. The obvious is the dump. I'm wary of the obvious. I can't wait to see. I will say that I expected a bounce to be well under way into the European open, and it couldn't get off the floor.

Yep, fake down then free to run up it looks like.

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.

Recall how I mentioned I thought the most important chart this week was that gold chart I posted in advance. Right now I think this is the most important chart. I have been watching this for a long time as silver has chopped around sideways and all the talk was that it would move up aggressively. I have been thinking it wants that 20 level. Everyone said I was insane. We'll see. It has had a long time to move up off this massive (and very obvious) support level, and it hasn't been able to get off the floor. 'If they can't take it up they'll take it down' is an old saying. Look at the position of it now. Showtime.





Chart created on QCharts, courtesy eSignal

ES ready to start its Friday afternoon into Sunday night GLOBEX run up?

I think it wants/needs to get up to that upper 30's to 40 level before the downtrend can resume in a healthy manner.

ES looks ready to continue this move up. Note CL has taken another leg up.

CL up almost three dollars off the low. That's something, the size of the moves it has been making. It's getting so three to five dollar moves in CL in a day are commonplace.