SPXS Add Opp

The SP 500 is running into trouble at the first opportunity this morning, this despite news from China and the Greek rumor mill that might have been looked for as short covering excuses......oh yeah there aren't any shorts. OOOPS.

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For those with less than 6 years trading experience, the action this morning is called a "dead cat bounce", stalling at the .382 retrace of the last leg down from Friday's high and the former support trendline.

There is potential for an extension on the next leg down ( if not this one), as the SP takes out 2025 and all buyers over the last 5 months are in the red.
As the 2 day move down was 66 pts , an extension might be expected to equal 1.62 (minimum) of that, or 107, targeting 1960 from todays high.

Greece - Not Unique (once again)

Early in 2010 I posted the following pieces:
 Feb. 18 2010   Greece NOT Unique, and
 Feb. 22 2010  Greece NOT Unique Confirmed

In a speech before the UK Treasury Select Committee the Chairman of Goldman Sachs Bank, Gerald Corrigan, who also happens to be a former New York Fed President (and people still wonder where Tim Geithner will end up) noted that it is not Goldman who is at fault in the whole Greek swap fiasco but Eurostat, "which was consulted on the transaction at the time it was entered into and which offered no objection." What is troubling is Corrigan's revelation that "Goldman Sachs was by no means the only bank involved with countries in these types of transactions...These transactions were not limited to Goldman Sachs and Greece." Just whose debt numbers will be put under the microscope next?

It's taking a long time but the Greek people are finally doing what any entity thats been defrauded by corrupt management has a right to do.. disown the trade, seek redress and prosecute the guilty.
Good Luck Greece.

INDU Chart Weakness

The good old Dow Industrial s points the way :

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Another 40 pt.s and it will be at the lows of the last 2 months, trapping a lot of longs. Another 200 points and it's new lows vs 4 months.

It will be shocking if there is no race to save this here by the Central Banks.

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