Sunday, August 7, 2011

Exit Swing Short Position and now Long

U.S. job growth accelerated more than expected in July, tamping down fears the economy was sliding into a fresh recession and easing pressure on the Federal Reserve to provide more support for the weak economy.

The message from this week's market rout is crystal-clear: investors have lost confidence in their Republican politicians, who urgently need to do something dramatic to reduce risks to the global economy as they keep worring more about lower taxes for the 1% of the US Population than about the millions unemployed. So now that they succeded in keeping the taxes low, lets see if their wealthy contituents will generate more jobs. Isn't that what they were advocating? well lets see it ! I doubt it will happen. Notice how the Republicans interviewed in CNBC argued about keeping the taxes low for the wealthy " to stimulate the economy " before the Budget negotiations was settled.Now that they got what they wanted they are still argumenting that this Administraton is to blame for the weak economy and that " Businesses will not hire, because they are unsure of what is going to happen" ! LOL , So the rethoric argument was changed from lower taxes to blame Obama- how self serving and decieving ! The Republican establishment keeps bullshiting America and keep getting away with it !

U.S. consumer credit shot up in June by $15.53 billion, according to a Federal Reserve report on Friday that showed upper middle class consumers were willing to keep borrowing robustly in a tight job market.

State and local governments continued shedding thousands of jobs in July, part of a trend that analysts say could damage everything from trash collection to the entire U.S. economy.

A scary drop in stocks and commodities threatens to squeeze life out of an already faltering U.S. economy, with deal-making, investment in plants and equipment, and capital raising at risk of slowing down or freezing up.

Army officer Donna Bachler has NOT had a regular paycheck since she left active duty four years ago, even though she boasts the kind of skills employers vie for.

Wall Street doesn't care about these people as long as shareholders and hedge funds make money, they will always blame Obama when in fact the Republicans voted to NOT extend unemployment benefits to millions including ex military and instead voted for the decrease of taxes to Millionaire Corporations that already have billions of dollars of accumulated profits in their coffers !

 Condolences for the 22 Elite members of SEAL Team 6 that died this weekend in Afganistan. Many military service men and women are returning home to be unemployed thanks to the Republican millionaires in Congress. What a shame !

Swing Position - Long with min target of 1227 - details sent to subscribers.

15-day charts  are showing advancing indicator readings. Positive money flow on this chart would suggest the possibility of positive trading on Monday after the market open. Money flow on the 30-day charts is moving slowly up, yet it is still in the negative territory. Further money flow advance  on these charts would confirmed higher odds of positive trading on Monday.

Bullish Engulfing Bar in the 4 Hour Chart closed above the 38.2% Fib level measured from the 1264 Swing High on Aug 04.

Another Clue is the Huge Volume Surge Friday : The daily volume of the S&P 500 was 6,300 million shares. This is 122% above the last 3 months average volume. This suggests that a reversal is coming next week

Also the VIX Count is due for a Reversal this coming week

Will NOT discuss Setup and exact Entry with Stop Loss due to lack of comments in recent Blog posts.

See You at the Beach !

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