No, but the FOMC meeting likely could...
(to watch on youtube: http://www.youtube.com/watch?v=bbXFJHaGB1o)
Yes, the market will just be in a "wait and see" mode until 2:15 pm on Wednesday as the Fed's will probably release the amount of new stimulus (Quantitative Easing... aka QE2) that they will inject into the market over the coming months(notice I didn't say "economy"? ...that's because the money will never make it to the unemployed American, but will instead end up in some Banksters pocket on Wallstreet).
You know, I never thought they could actually keep this market up all the way until the elections.... but they did! Absolutely amazing! I thought many times that it would sell off first, as traders take profit before the unknown outcome on November 2nd.
You never can tell what the gangsters have planned, as even though I thought the market will sell off some in front of the elections, and crash afterwards... even that could be wrong? I don't know for sure about anything anymore. While the odds clearly favor a sell off of some kind (correction/crash?), these guys have been defying the odds for quite awhile now.
The charts are still useful of course, but the ability for them to be manipulated and held back from rolling over is truly an incredible feat they pulled off. Last week produced 5 days of doji candles on the daily charts... something of a rarity in of itself... in my opinion. While I don't know how many times that has happened in the past 100 years, I'd bet I could count the times with my fingers.
It's almost as if God was holding the market up, and not allowing it to sell off until after the election this coming week. But wait... it was God! Remember, Goldman Sachs is doing "God's work" (aka, robbing from the middle classed and poor to give to the rich and evil... where's Robin Hood when you need him?).
The market last week was enough to make both bulls and bears alike... "sick too death". When is enough... "enough"? There probably isn't any retail traders left in this market as it's clearly driven by computer bots trading against each other... with our money of course.
If it seems like I'm bitching or just rambling on... you're right, I am! No one can make money in this kind of crappy market, except maybe the day traders... and only the really good one's at that. This has too be the most hated rally ever on Wallstreet, as it's completely 100% FAKE!
No really earnings, No real job's, No real anything but lies!
Not that I really want a huge crash to happen, as that would hurt a lot of people. I just want a market that can be fairly traded... both short and long. A market that follows some type of reasonable charting patterns and actual "real" data (not made up lies)... which I'll likely never see in my lifetime, so I guess I'm just dreaming here.
It seems that Friday after the market closed there was a reported terrorist attack that was stopped. How convenient of the terrorists to wait until market is ready to crash to try and attack us. That's really nice of them to do... (ROFLMAO here)! Yes folks, it's another "False Flag" that the gangsters are staging so they can blame the coming crash on it. (By the way, I mentioned Yeman back in February of this year. Maybe you should go re-watch the video's on it?)
They'll spin the truth as "the economy was recovering and this (insert false flag event here) really shocked the market... blah, blah, blah". Come on folks, you guys (and gals) are much smarter then that. You know the timing of false flags are almost always around major tops in the stock market. Remember the BP Oil Disaster? When did it happen? Answer: April 20th, 2010 What happen to the stock market shortly there after? Can you say "Flash Crash Fat Fingers" 10 times quickly and not be "tongue tied"? LOL
The market actually hit the final top on April 26th, with one quick stop sweep above key resistance to clear out all the shorts before the crash... but basically the Oil Disaster False Flag event was done when the market was peaking. So what does that mean for next week? I speculate that we'll have another stop sweep above the current overhead and resistance level and then another crash... but this time it won't be just a "Flash Crash". I expect it to continue down to the DOW 8300 level by mid-late November, and then a rally back up to happen.
Thinking like a gangster here... I'd shock the market with just enough new stimulus (with the expected QE2 news data released by the Fed's after the FOMC meeting this Wednesday), that would give the market one final push up. Then I'd stage a false flag event to blame the crash on. (Of course I don't know what the market is expecting, but I heard $500 Billion to $3 Trillion. So, give them something on the low end of that range to stage one more rally, but not too little that the coming train wreck would be blamed on the governments' lack of stimulus. (Now if they give them something on the high end and blow out what the market expects, we can expect a move up to the DIA 118.16 FP to happen before and crash does... but I really don't expect that to happen).
After the market tanks for a few weeks I'd get together with the new Congress and Senate with some emergency bill (even more stimulus) that "has too" be pass through under fear of economic collapse (all planned years in advance of course). But don't pass the bill until the downside target is hit, and then I'd announce to the media that the Republicans and the Democrats have put aside their differences and decided that another round of stimulus will now be given to the Wallstreet Gangsters (errr... the American public, my bad!) because of the disaster.
The Democrats can "save face" as they put through another stimulus package before the Republicans took back control of the house of congress (and maybe the senate too?).
The Republicans can "save face" and say that they would have stopped the reckless spending of the stimulus plans that the Democrats did over the last year or so, as they rejected more money when they got elected (in this weeks' coming election), but do to the emergency nature of the current situation that developed (because of the "false flag event"), they'll give the market (err... the economy) more money after all.
Yay! We're all saved again!
Isn't politics fun? LOL! Of course I don't know what will happen, but that could be the plan? It certainly matches up with a peak in the market like we currently have now. After all... someone, or something, has too be blamed for the crash coming. It just can't be technical analysis or elliottwave theory, as that stuff is just all worthless crap anyway... right? It's fundamentals that makes the market move up and down... so says the bought and paid for mass media machine.
Ok, so where do we go next week? I'm going to borrow this chart posted by Apple Al, and use it for speculation as it would line up with one more stop clearing sweep similar to the April 26th high... just before the real move down came.
Al's chart points to a move down on Monday, (which supports the over bought 60, 30, and 15 minute charts), and then one "last hurrah" move up to the double top area around 1215 spx as a wave 5, with Mondays' move down as a wave E in a larger wave 4 move that formed during most of last week. While I'm not an expert on Elliottwave (who is really?), I think the chart lines up perfectly with what happen on the April high day on the 26th.
You have too think about this from the gangsters point of view. There are still plenty of bears hanging on to their shorts last week, as the market just traded sideways and never broke the overhead resistance area. This tells me that they must be shaken out before the real plunge begins. You know the gangsters don't want to let these bears on the train to hell with them, as there are only so much cocaine and naked women available in the passenger cars... and of course they don't like to share.
So, they must get them off the train before the real move starts. A quick short squeeze to a double top would probably just about do the trick I'd say. While it's possible that the top is already in at the 1196 spx level from last Monday, I got a feeling that there's going to be one more fakeout move to the upside before this train really leaves the station.
Maybe it only makes it back up to the 1196 top, or maybe a little more? I don't know for sure but that terrorist scare is speaking loudly to those who are listening. An "Event" is coming, and the market won't like it. When? Days I'd say, not weeks. Maybe after the FOMC meeting this Wednesday, or at the latest it could be push out to the G20 Meeting on November 11th. I doubt it, as I think what the Fed's says this week will determine the future direction of the market (and the elections too of course).
But the charts can't take too much more of this propping up, as they are all ready to collapse hard very soon. So how many fingers and toes does Bernanke have left to keep plugging the holes in this dam that's ready to burst? I don't know, but if he tries to use the "Fat Finger" to plug a leak, he might just do too much damage to the crack and cause it to burst.
Ok, what about Monday you ask?
(to watch on youtube: http://www.youtube.com/watch?v=qYRlUCk7M8U)
I'd say we rollover in the morning and possibly stay down all day. I say "possible" because the terrorist scare and the uncertainty of the elections could cause traders to cash in their longs on Monday and not do anymore buying until the FOMC news on Wednesday is released. The short term charts are rolling over going into Monday and that should put some downward pressure on the market early on.
While I don't think it's going to tank on Monday, or break key support, but I can see early selling in the morning with the afternoon session being left in the "unknown" status as the PPT could come in a buy it back up (remember, the volume will likely be very light after the first couple of hours of the day), or they could just let it stay down and use that money for Wednesday. Hard too say what the close will be, as Monday's have a long time reputation now of being "Bullish Monday's"... a name they got for that very reason, they usually are UP days.
So, if you do short on Monday, be careful after the first couple of hours as once that selling pressure is gone the government could step in an turn it all around by the close. It's the day before the election too, so you know it's not going to crash. We could see a 10 point down in the morning, but I wouldn't expect too much more then that... if we even get that much?
It's really going to be a wild ride after Wednesday, but I'm not expecting too much on Monday. So just be patient as around 2:15 pm on Wednesday until the close at 4 pm on Friday... it's going to get exciting! Another side note: most FOMC days are bullish, and I've noticed that the first move is a shakeout move that quickly reverses and goes the other direction within minutes of the first move. Most of the first moves have been down, followed by a rally until the end of the day.
So, while it's possible that the first (again... usually down) is a real move that won't reverse, I find it highly unlikely. The reason is simple... the government doesn't want to be the blame for the coming correction/crash, so they will want one more push up from their statement released about QE2. After they get their brief rally, and the bears get squeezed off the train to hell, they'll proceed with the "false flag" event a few days later to blame everything on.
One more thing, the day after the FOMC meeting I've noticed are usually a down day. Just speculating here on everything, by using past experience to forecast the possible future direction. If it happens as I laid out here, I'll be a hero... if not, then I'll eat some more mud I guess.
Best of luck to everyone...
P.S. Remember what this guy said about November the 14th...
(to watch on youtube: http://www.youtube.com/watch?v=V65rlYFJ0qo&feature=player_embedded)
Now look closely at the runaway train in the new movie called "Unstoppable" coming out this November 12th...
(to see on youtube: http://www.youtube.com/watch?v=JM-0Ywc7wNY)
Just a coincidence I'm sure...
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