Equity futures are jumping this morning, below is a snapshot of DOW and S&P action over the weekend and overnight:
The dollar is down a huge amount, nearly a whole percent. That type of move is getting to the “unorganized” type of level. Caution though, as the bond market that was lower is now higher, signaling that not everyone and everything is heading in the same direction. Gold set another new high, touching 1,111, while oil is still in the $79 range.
Remember my article over the weekend where the IMF was talking down the dollar? Here’s a news flash, the IMF needs to be disbanded! If you are an official outside of the U.S., I would strongly encourage you to not even talk to one of these criminals, much less do business or certainly not take a loan from them. They are the world’s current mafia, their crimes are on a much higher level than anything ever seen in the history of man. They, their debt based money from nothing, and their manipulations need to be stopped.
Then the G20, a group entirely beholden to the same central bankers who run the IMF, come out with statements like this:
“Policy makers from the U.S., U.K., Japan and 17 nations said on Nov. 7 that it’s too early to withdraw spending intended to revive growth. European Central Bank President Jean-Claude Trichet said before the G-20 meeting that “excessive volatility” in currency markets is damaging and a strong dollar is important for global economic stability.
“Markets don’t need to be worried that these governments and central banks are suddenly going to take away all the stimulus measures,” Stuart Bennett, a senior currency strategist at Calyon in London, said in an interview on Bloomberg Television. “Risk appetite should remain supported into the end of the year.”
Makes me sick. Well, they will all go down together – the sooner the better. And there’s that “strong dollar” comment again while I literally watch the dollar sink into the abyss.
But guess what… today’s a phi mate turn date combined with a Bradley model turn. They are usually accurate to within a couple of days. There was no turn last week, and thus the odds are high for one this week, although there is very little economic data with which to produce large movements. Wednesday is Veterans Day (stock market open), and the only releases of note are International Trade, International Prices, and Consumer Sentiment all released on Friday.
The 1,070 level in the SPX is important to see if prices can remain over that range. 1,074 is the 61.8% retrace of what should have been the wave 1 decline. 1,090 is the next higher pivot, 1,107 follows that, 1,061 is the support pivot.
The DOW Industrials have now retraced more than 78.6% of their more shallow decline, but wave 2 being the “fool ya” wave can retrace up to 100%. If the DOW makes a new high, then it is likely that we are instead working on the final wave higher of wave B up.
Should be another interesting week, lip service, manipulations, bad data, and mass psychosis abound.
George Carlin Video: The Truth About Wall Street And Washington: