Are The S&P's Going To Make A Move? (SPY)

Today We Held A Trend.... For 1.5 hours (SPY)

Ladies and Gents, we held a trend today without a violent reversal or other shenanigans for almost 1.5 hours. We had a crappy GDP number knock us down 100 off the open, and a PMI number push us all the way green. WE popped through the opening UNCH level like a zit. 

What does that tell me? Nothing really, actually it confirms the market has no idea what it wants. The S*P's seem to always revert to median every day no matter what story the economic data presents. 

Take a look at the chart above, you can see how the market rockets back up after two violent reversal candles highlighted by green arrows. stockMONSTER's new service really would have helped you nail this reversal, their sharp traders spotted the reversal immediately. 

Two For Two: Durable Goods Off 1%, Beige Book Shows Weakness

I did not expect any positive tones today in regards to durable goods and the Fed's Beige book. Both indicators stunk and revealed even more signs of a weakening economy. Funny thing is, this is nothing new, the numbers/indicators have been terrible for quite sometime. What is not funny is how the media decides to spin the numbers however they please, positive or negative.


Today the market shrugged the number initially, before drifting back into the emotionless channel of low volume up, high volume down. I think we spoke about this yesterday if i am not mistaken. The following quote sums up our current market environment:

"Volume has been light even by summer standards, which has added to the day-to-day volatility, said Uri Landesman, president of Platinum Partners. The low volume comes from investors' uncertainty about where the market is headed, he said."

Market in Death Spiral? (SPY)

The market has not moved outside of its current channel in over six months, "volume down market up" as zerohedge puts it, has been the theme nearly every day where the market struggles for a trend. This phenomenon occurs most frequently when the market enters into a drifting channel usually during the middle three hours of the trading day when volume is normally lowest.

Clearly something is wrong with the picture. Who is the entity buying into the high frequency selling every day? I cannot say for sure though i believe it could programs clamoring for pennies when real human traders were clamoring for dollars. 

LeBron Books W Hotel Party In South Beach! (Lebron James)

According to my pals over at Option Monster they have confirmed King James has booked a party at the W in Miami... This does not bode well for chicago, where it has been calculated by a University of Illinois Chicago Professor Lebron playing for Chicago would generate 2.73 billion dollars over 5 years.

Chicago just cannot get a break, personally i think Miami is a cesspool of corruption and fraud, also everyone in south beach is out to make a dollar off everyone down there legally or illegally. I am sure he will be living in cocaine trade financed condo.