"This Much"

Where do I begin?  For the third day in a row, I've woken up to the S&P futures in the middle of the overnight range.  By 8am EST, they magically end up "in the middle" just as the day gets going in WallyWorld.  It feels as though the market is confused and waiting for "something."

I never find it rewarding to trade in the middle: it's too easy to guess.  I prefer to pick my prices away from the congestion and strike when the odds are more in my favor.

Bloomberg's lead story is that Chancellor Merkel Says Germany Will Lead Crisis Fight.  Ha!

"We'll do this much"

Sorry, but what exactly will they lead?  My bet is that, one by one, these countries choose the ICELANDIC solution.  This weekend in Greece will be interesting.

Bloomberg also reports Truckers as Leading Indicator Show Stable U.S. Economic Growth.  Not to pick on Bloomberg today, but this story feels like PR to me.  I've yet to do a recap about my 2 1/2 month road trip, but one of the best things about it was that it felt like there were fewer trucks.

In fact, coming home I did whatever I could to avoid I-80 in Pennsylvania because it is notorious for being clogged with trucks.  Well, it didn't work out.  But to my surprise, I-80 was like a quiet parkway.

I use truck stops like Travel America, Pilot, Flying J, Love's, Petro, and others all over the country (tip: they're far better than regular gas stations) and truck counts looked down.  It was autos that felt as though they had increased.  I think people will do whatever they can not to fly in the US because of the TSA.  I know I do.

Then it's on to Zero Hedge.  My first stop in the morning is usually "Frontrunning."   I want to see what news is making news.  Today it's pure theater.

• Greek Banks Under Pressure (WSJ)
• France Seeks Eurozone Stability Package (FT)
• Germany Dashes Eurozone Expectations (FT)
• Geithner Says European Leaders Know They Must Do More (Bloomberg)
• In Athens, Party Aims to Delay Austerity (WSJ)
• Rajoy Battles ECB for Loans; Monti Appeals for EU Action (Bloomberg)
• Nokia Slashes 10,000 Jobs, Cuts Outlook (WSJ)
• Swiss National Bank Vows to Defend Currency Floor (WSJ)
• Euro Crisis Deeper With Moody’s Downgrading Spain, Cyprus (Bloomberg)
• Yuan Steady After Central Bank Raises Fixing by Most in a Week (Bloomberg)

This is what I mean by Germany leading what?  It's ridiculous that Merkel and the rest can't admit that the project* has failed.  It's a mess.  And it's the best proof by far that world government, a world currency, and a world central bank would fail even worse.

Trading wise, yesterday was admittedly a little strange.  I'd either want to see it break hard under 1306.62 or head higher (above 1340) immediately.  Maybe neither will occur, but that's okay.  I'm not guessing or betting at these current levels.



* I just love that they call it The European Project.  That's all it is.  One big test to see if it will work.  Anyone can see that it ain't.