Friday Levels And English Majors

I've been waiting for the 1405 area on the S&P.  I must say I'm not impressed.  There was every opportunity for a rally yesterday, but it traded heavy and closed below 1405. Unless it can get above 1409.01 before new lows, there is the potential for a strong decline.

Should the S&P peak below 1400 today and then reverse, ironically, the pressure would then be on the bears to keep it below 1416.12 or risk creating a 3-wave structure from the highs which would suggest new ones to come.

AUDJPY bears watching as it breaks minor swings points on the way down.  Below 79.517 (a ways away) could mean lights out for Risk On.  AUDUSD should be watched for 1.01759.

Bloomberg reported:

European Central Bank President Mario Draghi may wait until Germany’s Constitutional Court rules on the legality of Europe’s permanent bailout fund before unveiling full details of his plan to buy government bonds, two central bank officials said.

So he just admitted he doesn't have a plan unless the Germans support the EFSF.

Mish Shedlock writes on his blog today about the uselessness of college degrees in a world where there are no jobs, a subject I generally agree with.  Actually, I think college has simply gotten way overpriced relative to what it actually delivers.  I personally would like to see the apprenticeship model return.

Mish writes this, however:

Useless Degrees

Pray tell what good is a degree in English, history, PE, or political science other than teaching English, history, PE, or political science? And how many of those teaching jobs are even available?

Yet colleges churn out thousands of graduates, year after year, with perfectly useless degrees.

I gently reminded him on Twitter that a degree in English not only paved the way for me to wear many hats throughout the advertising, marketing, and magazine worlds, but it also saved me from Wall Street.

Wall Street was my first love, but I was horrible at math, especially fractions. I consciously chose advertising as a way to work in business as a writer, and it ended up teaching me much of the psychological aspects that I now rely on in my trading. I was so fortunate that technology and computing power brought Wall Street to my computer so I didn't have to work with a bunch of people I didn't really admire (not that advertising was any better, haha).