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.
JI
jimkane
Rep: 3,058
Posts: 33,089
TL, key set line, .382, many other Fib related things, it has no choice... You all know what I want, but I know the game.
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, be very watchful of the TL break fake and snap up. 53 is the next little mini level they may use. So, anywhere in here for the snap fake. Then we see if there are any real sellers on a frenzy day as they run it up into the Fed announcement tomorrow where they expect huge money printing.
JI
jimkane
Rep: 3,058
Posts: 33,089
50.75 here may be it. I also have another little level below at 48.75-49.25. Below that, KIG. Management mode.
JI
jimkane
Rep: 3,058
Posts: 33,089
Key TL now moved up to 50 as time has passed here. The scumbags need to come in here soon. This is a dangerous place to try a snap fake down and then gun it up. They need to come in straight, no games. I hope they can't...
