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Today:

Current Conditions:

Market anticipating Euro bailout and some QE# . Shorts are covering all risk assets.

VIX closed at 29.26

Current Positions:

S&P     Long    1227    Target  1275

HG       Long    3.222   Target  3.900

CL       Long    89.30   Target 96.24

 

Market Behavioral Analysis:

We are in expectation mode. Yesterday saw short covering on light volume. Commodities broke out on the expectations of QE# and Euro Bailout.

 

The bottom line remains that we are in a generational (Kondratieff Cycle) credit destruction, correcting 50 years of over spending and excessive borrowing. The Fed and ECB are and will print fiat until the conflagration burns through all savers wealth.

 

Econ News:

 

Case Shiller HPI                       8:55am

Consumer Confidence              10:00am

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