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.

ES about to pop.

After at least a half dozen tries at that high area the ES still can't do it. I usually only post areas in here in one direction, to make it clear which way I see it going. I am going to post some downside areas here and then head off to bed, in case. On the downside I am watching 19.50-22.50 (the ABCD), and two close areas (defined by the .382 and .447), but for now I will just list it as one broad area, from say 6.50-12.50. If they do dump this thing so they can get better prices for themselves, that's where I'm watching. See ya all manana. Be ready for a dump, in case...

is uso about to reverse or accelerate from here?

And, with no surprise, it is now at my areas... And with only the tiniest of shakeouts after I posted last night before it started its journey up. They did try to make it look like it could dump, enough so that I even posted downside areas when I 'knew' it was going up here. They are sneaky, and mean. But, I guess that's their job. And I'll admit now, this looks so frenzied that I am not looking for downside at all off this area. Perhaps a little checkback (and perhaps not), and then up more. Is that a clue?

Originally posted by jimkane

On the upside very short-term I am looking at 52.75-53.00 and 60.00-.50, center of areas. The 1.460 lies right in the middle of those, at 56.82...

One thing I will say, everyone is bullish. I thought it was bad before. I can't find a single bear. And the bulls are not only bullish, they are wildly bullish, with tons of enthusiasm. And I have to admit, there really is no reason for the market to go down. Why should it? It is no longer a mechanism of price discovery, or of business cycles... Imagine if Bern-Qwacke disappoints tomorrow. Goldman Sucks did a post on Zero Hedge explaining why they will ease more (print), and ease big. Perhaps close to another trillion.

http://www.zerohedge.com/news/part-its-new-qe-qa-goldman-warns-possibility-50-75-billion-flow-program

And yes, my viewpoint here is to enjoy the ride to this area and then go short side bias, and just take the stop out if need be. The big downside to that is if it keeps smokin' up, the opportunity cost for the short is what really hurts. All the additional upside lost. Oh, well, decisions have to be made. Plus, one could be riding a more longer-term play, such as SPY call options, and stay with those, while being more nimble with the ES. Now let's see what it does... The odds favor rise until close, I think.

It wants to do another push from here. Will it get it?

54.25 here is the first potential 'launch pad'.

The only option for it is 'straight up'.