Payroll Report ( NFP ) - Day Review

Trade Plan worked as expected, gap UP was faded and the 3 clues for trading the Nonfarm Payrolls worked like a champ.

Back to the states after a long journey to many islands destinations, scuba diving in the warm tropical blue oceans, while day trading the market.

Overcoming Great Adversity and Finding Your Niche Early in Life

This incredible lucky adopted child was not a software engineer or an electrical expert but his mental ability to overcome great adversity, obstacles , focus on his dreams and then excell to an amazing degree with the help of his engineer friend, is what we should all learn to admire from his life. He was the biological son of a Muslim from Syria and an American young college graduate woman.

He was odviously rejected by his mother, never contacted by his real Muslim father, rejected by the Corporate " experts " at Apple Inc , which he founded and he never had an adequate or impressive academic background ! His adopted parents were low income working class folks that never went to college !Odviously he had social intelligence.

This was the life of a persistent optimist with an incredible luck and spirit of success :


I wanted to pass this speech on to you today that Steve Jobs gave. It is truly inpiring and touched me when I first read it and hope that it will you also. I really thought that his legacy was overrated and that he was only another lucky entreperneur that gave us a portable hand held mini-computer, something that many other qualified experts thought about doing, but never produced.But I was right on :

'You've got to find what you love,' Jobs said,( comm'on Steve, we all do but not with your luck ! )

This is a prepared text of the Commencement address delivered by Steve Jobs, CEO of Apple Computer and of Pixar Animation Studios, on June 12, 2005.

I am honored to be with you today at your commencement from one of the finest universities in the world. I never graduated from college. Truth be told, this is the closest I've ever gotten to a college graduation. Today I want to tell you three stories from my life. That's it. No big deal. Just three stories.

The first story is about connecting the dots.


I dropped out of Reed College after the first 6 months, but then stayed around as a drop-in for another 18 months or so before I really quit. So why did I drop out?


It started before I was born. My biological mother was a young, unwed college graduate student, and she decided to put me up for adoption. She felt very strongly that I should be adopted by college graduates, so everything was all set for me to be adopted at birth by a lawyer and his wife. Except that when I popped out they decided at the last minute that they really wanted a girl. So my parents, who were on a waiting list, got a call in the middle of the night asking: "We have an unexpected baby boy; do you want him?" They said: "Of course." My biological mother later found out that my mother had never graduated from college and that my father had never graduated from high school. She refused to sign the final adoption papers. She only relented a few months later when my parents promised that I would someday go to college.

And 17 years later I did go to college. But I naively chose a college that was almost as expensive as Stanford, and all of my working-class parents' savings were being spent on my college tuition. After six months, I couldn't see the value in it. I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out. And here I was spending all of the money my parents had saved their entire life. So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back it was one of the best decisions I ever made. The minute I dropped out I could stop taking the required classes that didn't interest me, and begin dropping in on the ones that looked interesting.


It wasn't all romantic. I didn't have a dorm room, so I slept on the floor in friends' rooms, I returned coke bottles for the 5¢ deposits to buy food with, and I would walk the 7 miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it. And much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on. Let me give you one example:



Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer, was beautifully hand calligraphed. Because I had dropped out and didn't have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can't capture, and I found it fascinating.



None of this had even a hope of any practical application in my life. But ten years later, when we were designing the first Macintosh computer, it all came back to me. And we designed it all into the Mac. It was the first computer with beautiful typography. If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, it's likely that no personal computer would have them. If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later.

Again, you can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.


My second story is about love and loss.


I was lucky — I found what I loved to do early in life. Woz ( the engineer ) and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation — the Macintosh — a year earlier, and I had just turned 30. And then I got fired. How can you get fired from a company you started? Well, as Apple grew we hired someone who I thought was very talented to run the company with me, and for the first year or so things went well. But then our visions of the future began to diverge and eventually we had a falling out. When we did, our Board of Directors sided with him. So at 30 I was out. And very publicly out. What had been the focus of my entire adult life was gone, and it was devastating.



I really didn't know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down - that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure, and I even thought about running away from the valley. But something slowly began to dawn on me — I still loved what I did. The turn of events at Apple had not changed that one bit. I had been rejected, but I was still in love. And so I decided to start over.


I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.

During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. Pixar went on to create the worlds first computer animated feature film, Toy Story, and is now the most successful animation studio in the world. In a remarkable turn of events, Apple bought NeXT, I returned to Apple, and the technology we developed at NeXT is at the heart of Apple's current renaissance. And Laurene and I have a wonderful family together.


I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don't lose faith. I'm convinced that the only thing that kept me going was that I loved what I did. You've got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don't settle.


My third story is about death.


When I was 17, I read a quote that went something like: "If you live each day as if it was your last, someday you'll most certainly be right." It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?" And whenever the answer has been "No" for too many days in a row, I know I need to change something.

Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure - these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.



About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the morning, and it clearly showed a tumor on my pancreas. I didn't even know what a pancreas was. The doctors told me this was almost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctor's code for prepare to die. It means to try to tell your kids everything you thought you'd have the next 10 years to tell them in just a few months. It means to make sure everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes.



I lived with that diagnosis all day. Later that evening I had a biopsy, where they stuck an endoscope down my throat, through my stomach and into my intestines, put a needle into my pancreas and got a few cells from the tumor. I was sedated, but my wife, who was there, told me that when they viewed the cells under a microscope the doctors started crying because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and I'm fine now.


This was the closest I've been to facing death, and I hope it's the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept:

No one wants to die. Even people who want to go to heaven don't want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life's change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.


Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.



When I was young, there was an amazing publication called The Whole Earth Catalog, which was one of the bibles of my generation. It was created by a fellow named Stewart Brand not far from here in Menlo Park, and he brought it to life with his poetic touch. This was in the late 1960's, before personal computers and desktop publishing, so it was all made with typewriters, scissors, and polaroid cameras. It was sort of like Google in paperback form, 35 years before Google came along: it was idealistic, and overflowing with neat tools and great notions.



Stewart and his team put out several issues of The Whole Earth Catalog, and then when it had run its course, they put out a final issue. It was the mid-1970s, and I was your age. On the back cover of their final issue was a photograph of an early morning country road, the kind you might find yourself hitchhiking on if you were so adventurous. Beneath it were the words: "Stay Hungry. Stay Foolish." It was their farewell message as they signed off. Stay Hungry. Stay Foolish. And I have always wished that for myself. And now, as you graduate to begin anew, I wish that for you.

Stay Hungry. Stay Foolish.


Thank you all very much.

Steve Jobs , 1955 - 2011 ,  R. I. P.

Market Outlook - Long from Thursday

Consumer sentiment worsened sharply in early August, falling to the lowest level in more than three decades, even though retail sales posted the biggest gains in four months in July, separate reports on Friday showed.



Underscoring divisions at the central bank, one top policymaker on Friday said he had cut his forecast for economic growth, even as another said he saw no economic need for new monetary stimulus.

Business inventories rose slightly less than expected in June, suggesting firms remained cautious about future demand at the end of the second quarter.

Global financial upheaval was on the agenda on Friday when President Barack Obama met with top executives from the U.S. business community, the White House said.

If history is any guide, another oil-induced recession may be just around the corner, at least for the United States and some of the other developed economies.

Minneapolis Federal Reserve Bank President Narayana Kockerlakota said on Friday that he dissented from the U.S. central bank's decision this week to keep interest rates low until mid-2013 because he felt more policy easing wasn't needed.

During the trading day on Friday, there were rumors that Standard & Poor's would strip its AAA rating from the U.S.


Purposely orchestrating the downgrade after all markets had closed, it officially did so, leaving traders across the world wondering how markets would react.

U.S. stock futures opened off with losses of more than -2.5% and after a several-hour rebound.


On Friday there were  other sovereign downgrades from AAA status. There isn't much history of these events, but from the reactions in the local stock markets were not necessarily bad, especially during the next week or so.

Of course, this time is different due to the U.S.'s status, or former status anyway, so we'll just have to wait and see how things unfold in the coming days.

For what it's worth, there have been 9 other times in their 30-year history that the S&P futures dropped 5% or more in a week, slumping to at least a six-month low, then gapped down -2% or more on the open.

8 of those 9 days closed the day higher, and were also higher 3 days later. The average return from open to close was a whopping +3.1%, with the loser being -2.2% (from October 6, 2008).

Here are the dates, along with the day's return from open to close:


9/21/01: +3.5%
6/26/02: +2.4%
7/24/02: +8.5%
1/22/08: +3.3%
1/23/08: +5.4%
9/16/08: +4.1%
10/6/08: -2.2%
10/8/08: +0.3%
10/10/08: +2.3%

The crash in '87, when the futures lost -24% of their value between the open and close, just barely missed this study because the S&P hadn't closed at a six-month low the day before the crash. But it was very close, so at least worth mentioning.


Looking at the intraday pattern of some past crashes and mini-crashes, it's pretty apparent that things could get very ugly if the low set during the first hour of trading is broken later in the day.

It shouldn't be too long before traders start focusing on Tuesday's FOMC meeting and the potential for the Federal Reserve to say something different than they have been saying.


But Monday, especially the first few hours, will be dominated by traders re-positioning in a new world without a "risk-free" USA, and nobody really knows what that's going to mean. History says we should rebound in the days ahead, but history isn't much help in a situation that's basically unprecedented.

In previous short-term outlook, I had suggested: "...overall outlook for tomorrow remains bullish..." - Friday, the major indexes moved higher.


5 minutes is showing advancing  oscillator readings at session's end. Positive money flow on this chart would suggest the possibility of positive trading on Monday after the market open.  However 30 minutes charts are showing declining  reading at this moment. Taking into account the most recent bullish proprietary accumulation I would say that despite positive outlook on 5- and 15-day charts, overall sentiment is slightly in favor of Bulls.

My Position is Long , targets and other details vailable upon request.

New Long Position Update

Greetings,


I suppose the internet expression OMG is the best description for the last 2 days trading activity. So much for the efficient market theory. Volatility and confusion should be expected since we've got Tim 'It'll never happen' Geitner and Uncle Ben at the helm steering the economy and market through the shoals and shark infested Republicans waters of Washington DC. Obviously, the BULLS love the Feds announcement .. at least for today.



I think the FEDs term comittment to ZIRP for two years is as much politics as economics. They know that this next presidential election will, no doubt, be the ugliest political carnival over the last 100 years. By affixing a term, beyond the election, they've opted out of the fray in advance to prevent accusations that policy changes are politically rigged during an election.

Over in EuroLand Italy is toast, as Mr. Trichet has delivered the terms of surrender for a bailout. The austerity measures are as harsh as those for Greece and should appease the Germans who are now the only ones paying off everybodys credit card. France is the next hotspot as CDS spreads are widening and there are rumors of serious problems with their big banks. If France is forced to surrender then they should stop calling it Eurodollars and call it like it is ... German Marks. Without the strength of the German economy none of these phony bailouts would be possible. If the German economy falters then the S#%$ will really hit the fan over there!

New Swing Long Position was initiated and one of the clues was the VIX Count. Details available to anyone if interested, the only requirement is a comment on this Blog.

The broad market shot significantly higher today. The Russell 2000 outperformed other indexes by climbing up 6.83% while the S&P 500 gained only 4.71%. The S&P 500 saw its strongest advance since 03/23/2009 when the S&P 500 gained 7.16%. The DJI had its strongest advance since 03/23/2009. The last strongest up-move was seen on the NASDAQ 100 on 05/10/2010. The bigger daily gain was seen on the Russell 2000 on 03/23/2009 when it rallied by 8.35%. The strongest up-move was seen on the NYSE Comp. on 03/23/2009.


The S&P 500's daily volume was 6,690 million shares today, which was higher by 125% than the average daily volume sustained over the past 3 months.

In previous short-term outlook, I had suggested: "Positive money flow on this chart would suggest the possibility of positive trading tomorrow after the market open. " -

The Federal Reserve, in an unprecedented move, said on Tuesday it will keep interest rates near zero for at least two more years and is considering further action, bolstering battered stock markets.


The United States faces one-in-four odds of slipping back into recession, and a weaker economic outlook is raising the likelihood the Federal Reserve will soon do more to boost growth, a Reuters poll shows.

The chances of another U.S. recession are rising and Europe's recovery is also at risk, according to the latest Reuters poll, taken during the worst stock market selloff since the nadir of the financial crisis.

U.S. non-farm productivity fell in the second quarter as economic activity slackened, while a moderation in the pace of wage growth suggested inflation pressures will remain contained.

The stock market's recent slump is reviving bad memories for California's government and raising concerns about revenue estimates for its budget, a perennial concern in the U.S. municipal debt market.



The struggling U.S. economy is beginning to take its toll on shipping companies which should be seeing a big boost from their peak season but instead find retailers delaying decisions about how much to import.

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 !

Market Status - New Swing Trade

Friday , August 5th
SHORT from key level as explained to subscribers,

The three central bank interventions (SNB, BOJ and ECB) prior to yesterday’s open were not enough to stem the waves of capitulation selling that overcame the markets. Or, perhaps, their actions were seen as pusillanimous half measures. Regardless, serious damage was done to the market and, while we might expect a short term flashy rally to emerge in the coming days, extreme caution must be exercised in this low liquidity environment.

 One thing that contradicts our present bearishness is the US money supply, where, as of yesterday’s post-close release, the Fed reported M2 is growing at 9.0% over the past 13 weeks. Long and intermediate term bear markets tend to emerge after a period of money supply contraction. Accordingly, there might be one more intermediate term rally that emerges in the coming months. For now, focus will turn to the central banks this weekend and, in particular, the Fed, which meets at its FOMC meeting next Tuesday.


To date the market has rallied 106% which is not out-of-line with other post recession rallies. In fact, if the market were to rally to 1574, it would represent a 136.4% rally off the March 2009 lows, which would be the average post recession, bull market, bottom to peak, gain.

This would also represent an almost perfect symmetrical move off the June 2010 reactionary low. Until the bulls are truly trapped, we will not have seen the top to the current rally.

One more intermediate term rally makes sense in that it would allow the market to trap some longs. According to the COT, “dumb” money was short along with “smart” money, although not extremely short. The real top to this bear market rally will take place when everybody is caught leaning the wrong way once again.

Thursday , August 04 :

SHORT from key level . Market droped below 1200 as predicted !

Subscribers are now enjoying the profits.
Cheers !

( Carl Futia has been wrong a record 12 consecutive times saying the market is going UP ! , LOL - what an Idiot ! )


Wednesday - August 3rd Update:

Back from a scuba diving voyage.

 Long Swing trade was voided due to price action during the Open on Monday August 01. I now think the market will break the June 16 low at 1252.25 and possibly the March 17 low at 1241.25 and below 1200. Looking to SELL at key level as explained to subscribers. 

Day Trading Performance Today : Win Ratio 88%
Travel and diving expences paid and ready for the next swing trade.

See You at The Beach ! and the other side of the trade...


The broad market declined Friday,July 29. The strongest decline was noted on the DJI (0.80% loss) while Russell 2000 lost only 0.26%. The DJI ended session lower for an sixth time in a row.

Of the last 16 sessions, the DJI has closed red 12 times. The NASDAQ 100 pushed to new one-week low today. The Russell 2000 made a new five-week low today. The NASDAQ 100 ended with a loss of 0.38%.

The S&P 500 dropped 0.65% while the Dow declined 0.8%. The week ends with the NASDAQ 100 lossing 2.75%; the S&P 500 showing a minus of 3.92%, and the Dow closing down 4.23%.


The S&P 500 saw volume of 3,268 million shares on this session. This was above the average daily volume of the last 3 months by 20%.

 The economy stumbled badly in the first half of 2011 and came dangerously close to contracting in the January-March period, raising the risk of a recession if a standoff orchestrated by the Republicans over the nation's debt does not end quickly.


The Federal Reserve should keep borrowing costs near rock-bottom lows for the foreseeable future if economic growth continues to disappoint, Atlanta Fed President Dennis Lockhart said on Friday.

The government prepared Wall Street firms on Friday for the possibility it may have to delay or cancel a major round of bond sales if Congress doesn't raise the nation's borrowing limit by August 2.

The "Great Recession" was even greater than previously thought, and the U.S. economy has skated uncomfortably close to a new one this year.

Consumer sentiment fell in July to its lowest in more than two years as anxieties over stagnant wages and rising unemployment deepened, a survey released on Friday showed.

Civilian employment costs surged a steeper-than-expected 0.7 percent in the second quarter, the biggest gain since September 2008, on a jump in benefits costs, Labor Department data showed on Friday.

A top Federal Reserve official on Friday would not rule out loosening the U.S. central bank's monetary policy further, but said conditions would have to worsen.

What this Blog is all about :

Apparently there are some retarded or low IQ followers that did not understand or misinterpreted the purpose and objectives of this Blog.


To clarify  once and for all this Blog is for :

Discretionary Day Trading Techniques

Focusing on the Futures contract E-Mini S&P500 trade entries and using

The SPX Index and other proprietary indicators.

This is NOT a Blog for soliciting new investors

The Charts examples and Reviews are NOT trade recommendations

This Blog and the Twitter trading comments do NOT have to live up to anybody’s Expectations and is only for private and confidential subscribers.

Applications for subscription is NOT open to bad faith followers ( ex. BrettonwoodsII ) or inactive traders or trading pretenders committing FRAUD during market hours ( ex. Benkotrader from Germany-Twitter among others that never trade live and only show theorical unreliable bullshit S/R lines copying someone else's research and deceiving new traders ! ).

Qualification for Subscription requires the private investor group's approval to keep the bad faith and mentally unprepared or just plain negative arrogant individuals out. We DO NOT solicit anyone in this Blog.

New Swing Position is Eminent :

Will look for a new SHORT Entry during the Globex Sunday session or the RTH in the ES

Trade Setup : SOLD

Market Update

Monday,July 25th bulls were able to discount the disappointment that facilitated the large down gap Sunday evening in equity futures.

Overnight, the ES traded just inside of yesterday’s day session high and low. As we draw closer to the meat of the major news releases this week, we would expect activity to pick up.

Besides the debt ceiling issue, there is Durable Goods and the Fed’s Beige Book released tomorrow, which the Fed produces in preparation for the upcoming FOMC meeting on August 9. The first estimate of Q1 GDP is released Friday, which also commences the Fed’s annual Jackson Hole event.

Many Fed governors will be speaking, and it is not lost on traders that last year’s meeting leaked hints of the resumption of Fed balance sheet maintenance and (subsequent) expansion (QE2). Accordingly, risk markets appear poised to run with any good news, provided they can avoid a rout on any disappointment. Until the ES accepts above 1350 or below 1290, it simply remains in a trading range.

The broad market declined today. The strongest decline was noted on the Russell 2000 (0.80% loss) while NASDAQ 100 gained 0.22%. Of the last 13 sessions, the DJI has closed red 9 times. On the NASDAQ 100, we saw the 6th up-close in the last 10 sessions. The DJI is now at new one-week low.


2,705 million shares traded on the S&P 500 today. This is close to the average volume we saw on a daily basis during the past 3 months.


In previous short-term outlook, I had suggested: "Negative money flow on 5-day chart would suggest the possibility of negative trading tomorrow after the market open. 15-day charts ... 30-day charts ... would favor bears as well." - Today, the major indexes declined.
 
 5 minutes chart are showing declining oscillator readings at session's end. Negative money flow on this chart would suggest the possibility of negative trading tomorrow after the market open. 15 min charts  are showing negative money flow as well, thus confirming 5-day chart's outlook. However, 30 minutes are showing advancing and flat  reading at this moment. Taking into account the most recent bearish readings I would say that despite negative outlook on 5- and 15 charts, overall sentiment is slightly in favor of bulls (unless we see declining  on 30-min charts).
 
The United States will lose its top-notch AAA credit rating from at least one major rating agency, according to a Reuters poll that also found wrangling over the debt ceiling has already damaged the economy.


A contraction in motor vehicle production because of a shortage of parts from Japan and high gasoline prices that curbed consumer spending, probably kept the U.S. economy on a slow growth path in the second quarter.

Financial markets have remained unruffled despite a stalemate over raising the debt ceiling because investors and traders expect Congress to act to prevent a debt default, a top Federal Reserve official told lawmakers on Tuesday.

Prices for new single family homes rose to a five-month high in June even as sales slipped, but recovery for the broader housing market continues to be frustrated by an oversupply of properties.

A downgrade of the United States' AAA credit rating is a bigger risk than a default and could over time add up to 0.7 percentage point to bond yields, members of a U.S. securities industry group said on Tuesday.

President Barack Obama's Democrats and their Republican rivals were further apart than ever on Tuesday in an impasse over the government's debt limit as investors braced for a looming default and downgrade. Remember that Republicans don't want Obama re-elected and now they are using dirty politics again. Many people that never voted for the President are coming out like vultures critizising him without mention of past administrations mistakes in not lowering the national debt.

If Republicans give a victory to the President it will damage their chance to get re-elected or for a Republican to be President .Real dirty politics !



US Republican Boehner says we won't hike taxes because taxes destroy job creation - lying to the people for the benefit of the wealthy !

The Republicans are decieving this nation and are trying very hard to satisfy their wealthy constituents in return for re-election, that is that is a true undisputable fact.Record profits and sitting with their wealth in overseas banks, waiting for the next expantion overseas with cheaper labor.Don't keep lying to the American people !




Will bet my whole year income that if Taxes are cut , it will NOT create more jobs due to the arrogance, greedy practices, and continue exporting of jobs by multinationals companies !