Looks like a rectangle in progress with a small spike up to the top. Covering SP futures here at 1176.50 in prep for re-entry on the spike. Order in shorting SP futures at 1184.75 or 1172.50 stop. This expected upmove will not last until the close. I expect a lower close than yesterday.
I posted a silver technical composite that showed it was very near a bell-ringer sell signal. With the move of the last two days since then it should have moved to the technical over-bought level reliably associated with historical highs. The peak occurred overnight when Dec silver hit 24.95. Currently 24.40. I'll short or buy ZSL at 24.80.
Thanks for all of the comments and concern.
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Steve
ReplyDeleteThe states have put a freeze on foreclosures so what does that mean, well from my point of view being in the mortgage business it means that inventories are so high that property values are beginning to drop again increasing the looses to the bank on all fronts forecloses and short sales alike. It is less expensive to keep a non paying home owner in the house then it is to let it go vacant (sad day for the banks). The banks know this and are trying to avoid other banking crises; they are hiding trillions of dollars of looses on off sheet balances and unloading through Freddie Mac and Fannie mea trillions of looses to the tax payers. The banking system is still broken and any future government bail out will again be sold as a job package giving pennants to the private sector while using tax payer money and devaluing of the dollar(printing more money) to prop up the banks. 78% retracement, end game let the 3rd wave begin.
Your wife is in our prayers.
Jack C