And on the eighth day God looked down on his planned paradise and said, “I need someone who can flip this for a quick buck.”
So God made a banker.
God said, “I need someone who doesn’t grow anything or make anything but who will borrow money from the public at 0% interest and then lend it back to the public at 2% or 5% or 10% and pay himself a bonus for doing so.”
So God made a banker.
Wish it said Central Banker. But whatever.
Notice that the price action on the S&P yesterday nearly engulfed the entire prior down day by getting above and almost below the range (missed by mere ticks). It was nearly a perfect Stick Sandwich candlestick pattern, but didn't close well enough. Futures are down impulsively in the pre-market.
Should the cash market get below 1508.04 it would signal the potential for some new lows. 1499 would probably make a good first stop due to the amount of shares auctioned there yesterday, but below 1490 would be more likely, possibly testing the 61.8% Fibonacci level in the 1483 area.
Staying above 1508.04 keeps the pressure on for higher prices, possibly the 1519 Fib target which would coincide with the upper trend line of a developing ending diagonal.
Finally, since there is so little new music that I like these days, it's always a big deal when something fresh and cool comes around. Found one on a recent episode of Buckwild (haha) from a band called Bosco Rogers. Can't find much info about them or where they're from, but they've got a cool, Swedish-vibey sound. See what you think. And you gotta love the name . . . remember Bosco chocolate syrup?
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