The Tryptophan Market

Same levels as yesterday, as nothing much happened. The market feels like it has a tryptophan hangover from eating too much turkey.

Looking for the 1384-1391 zone below, even as low as 1377. And still anticipating a test of 1425-1433 above.

Overall, I'm still looking at this rally from 1343.35 as a bounce. That can change, but until volume starts to confirm something else, it's saying "weak bounce." I still expect a lower bottom (1325 or below) and eventually a higher high (above 1474.51).

A/Ds are pathetically weak on this bounce. The one bright spot I see for Risk On is JNK and HYG vs. SPY, but IYG is not confirming it. I'm seeing extremely bullish wave counts, some extremely bearish ones, and not much in the middle. I'll play the middle for a bit.

Warren Buffett just doesn't know when to shut up. First he continues to prattle on about how rich people should pay more taxes but refuses to do so himself. Now Zero Hedge reports that the Grand Poobah thinks Jamie Dimon should be Secretary of the Treasury. Why doesn't Buffett just pay his own secretary enough to make her a very rich woman and have her keep paying the same rate she's paying now?

Tax the rich 99% and it wouldn't solve anything. Notice Buffett never says anything about Washington spending too much.