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S&P Technicals Update: Next Support At 1241

Tyler Durden's picture




 

Now that both the early April swing support of 1283.75, which also happens to be the 150 DMA, have been taken out, the next support in the market is the 200 DMA, which is also the post-Fukushima March lows. A breach of that level would mean the market goes negative for the year. As a reminder: the next 30 minutes are NYSE circuit breaker coffee break time.

 

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Mon, 06/06/2011 - 15:33 | 1344169 Yen Cross
Yen Cross's picture

  So much for the mid 1290's. I love the Z/H crew.

Mon, 06/06/2011 - 16:01 | 1344267 Hugh G Rection
Hugh G Rection's picture

Time to lower margins to 1%

 

PM margins to 100%

Mon, 06/06/2011 - 16:07 | 1344302 Yen Cross
Yen Cross's picture

 I wish! 2% it is. In the States that is.

Mon, 06/06/2011 - 15:37 | 1344170 Cdad
Cdad's picture

And soon, the announcement by Tyler Durden of the ZH poetry contest with the theme:  Bidless.

Quick, someone rustle up a couple criminal syndicate Wall Street bankers over at the BlowHorn to agree in perfect harmony that what we are looking at is a "buying opportunity" because "historical valuations are cheap on the S&P" and our "channel checks indicate a strong second half."

Mon, 06/06/2011 - 15:34 | 1344191 Greeny
Greeny's picture

"historical valuations are cheap on the S&P"

And that's true, Look CSCO, MSFT, BAC, many other

are near 2008-2009 LOW. Yes there is some high flyers overvalued

internet stocks, but lot's of low valuation stocks as well.

Mon, 06/06/2011 - 15:45 | 1344222 Cdad
Cdad's picture

Ummmm...yeah...but usually garbage has a cheap valuation.  And also, garbage usually gets even cheaper.  I'm speaking about forward earnings projections [and BAC], of course.  Downward revisions, on the other hand, are starting to show signs of ramping up.  A lot of upside calls being bought up on the CE [Crow Eating].

Mon, 06/06/2011 - 15:55 | 1344252 Hedgetard55
Hedgetard55's picture

C down almost 5% as of right now.

Mon, 06/06/2011 - 16:08 | 1344294 Cdad
Cdad's picture

You know, you find a nice sunny spot, mix in a few fish heads and dog crap with yer C, stir occasionally, and what you got is some really nice compost.

Great for Victory gardens....especially bean plants which, once harvested, go great with rice.

Mon, 06/06/2011 - 18:39 | 1344924 hamurobby
hamurobby's picture

BEAUTIFUL!!! drinks all around :-)

I see more gold in my future.

We also just picked a shirt full of heirloom tomatoes out of the garden, my C puts are up 227% and I hope to see 36.30ish tomorrow.

Die citibank die.

Mon, 06/06/2011 - 15:42 | 1344209 Yen Cross
Yen Cross's picture

  One of my favorite posters, and well spoken indeed!

Mon, 06/06/2011 - 15:42 | 1344210 Cleanclog
Cleanclog's picture

Won't be bidless unless we are squidless.  

Mon, 06/06/2011 - 15:45 | 1344232 mixle
mixle's picture

They'll be flirting with the squirting

Mon, 06/06/2011 - 15:51 | 1344250 Cleanclog
Cleanclog's picture

While they're throbbing as they're hobnobbing

Mon, 06/06/2011 - 23:50 | 1345880 longorshort
longorshort's picture

Booock cleanclog the talking parrot, talks allot says nothuing.

Mon, 06/06/2011 - 23:55 | 1345882 longorshort
longorshort's picture

Booock cleanclog the talking parrot, talks allot says nothuing.

Mon, 06/06/2011 - 23:52 | 1345887 longorshort
longorshort's picture

Booock cleanclog the talking parrot, talks allot says nothing.

Mon, 06/06/2011 - 16:52 | 1344468 richard in norway
richard in norway's picture

just saw that story on yahoo

Mon, 06/06/2011 - 19:36 | 1345162 No Bid
No Bid's picture

Did someone say bidless?

 

Mon, 06/06/2011 - 15:31 | 1344176 LawsofPhysics
LawsofPhysics's picture

Thanks Tyler.  Not that technicals really matter anymore, or do they. 

Mon, 06/06/2011 - 15:36 | 1344199 Hedgetard55
Hedgetard55's picture

They only matter if POMO really ends.

Mon, 06/06/2011 - 15:32 | 1344179 RobotTrader
RobotTrader's picture

Check out the outright manipulation in the futures.

Broke the April lows, we'll probably close above it.

PigMen sweeped out all the stops.

Mon, 06/06/2011 - 15:43 | 1344219 lieutenantjohnchard
lieutenantjohnchard's picture

your portfolio ought to be up nicely since you said you were gonna short the market with both hands if 1300 broke. and we all know that you are a pillar of consistentcy. riiiiiight. unless you didn't short which is my hunch. LOL!

vz at low of day: check.

hd at low of day: check.

mo at low of day: check.

all red on robottrader's etrade account: check.

gentleman jim sinclair sends warm regards.

Mon, 06/06/2011 - 15:36 | 1344182 qussl3
qussl3's picture

I'm beginning to think they cue buy programs off ZH posts.

Mon, 06/06/2011 - 15:36 | 1344183 Racer
Racer's picture

There you go... ping it back up on trailing stop running

Mon, 06/06/2011 - 15:36 | 1344184 risk-reward
risk-reward's picture

no sweat...stick save.

Mon, 06/06/2011 - 15:33 | 1344185 RobotTrader
RobotTrader's picture

LNKD up 8%.

They must be goosing the tape to get things ready for the Groupon and Pandora IPO.

Mon, 06/06/2011 - 15:39 | 1344200 Cdad
Cdad's picture

You know, I'm seeing something quite different, namely, the Roach Motel [SPY] committing suicide on behalf of tomorrow morning's opening on the S&P.

To each his own, I guess.

Mon, 06/06/2011 - 15:49 | 1344234 lieutenantjohnchard
lieutenantjohnchard's picture

better keep that part time contract 1099 processor job given all the red in your portfolio. as itg says: you're the perfect fade.

Mon, 06/06/2011 - 15:37 | 1344187 Eireann go Brach
Eireann go Brach's picture

And back up to 1291..The interns are working overtime this afternoon!

Mon, 06/06/2011 - 15:37 | 1344188 rubearish10
rubearish10's picture

This is somewhat refreshing to watch. No econ numbers to spin, no truth from EUR land, just a technical reality....or should we say that equities are overvalued too!

Mon, 06/06/2011 - 15:35 | 1344192 richard in norway
richard in norway's picture

this is a carefully controlled descent, but i wonder how long it will be under control. some of the euro markets were showing signs of independence today. not the lock step marching with the Dow that we have had the past week

Mon, 06/06/2011 - 15:42 | 1344224 oogs66
oogs66's picture

Credit markets definitely heavy.  The CMBS market in particular seems weak, though g*d knows how that was ever strong!

Mon, 06/06/2011 - 15:38 | 1344195 risk-reward
risk-reward's picture

Easier to jack up the $indu?

Mon, 06/06/2011 - 15:39 | 1344198 Troublehoff
Troublehoff's picture

Off topic but noticed the silver article dropped off the front page:

I guess the silver price can be suppressed/manipulated to any price they like as long as physical inventories do not reach zero. Only a fraction of buyers will ever take delivery and the rest participate in the ETF's/derivatives shit.

 

This is what really troubles me: If China, Russia or even Iran wanted to expose these suppression schemes, they have the financial firepower to do so. They could buy up 30million oz on the comex no problem.

 

I can only surmise that despite their frequent anti-US posturing they do not have a reason to do so.

What could this reason be?

a) Silver price explosion would be a catalyst for a dollar collapse and they hold dollars as well as operate their export model on dollars. 

b) Their anti US sentiment is just another facet of the dog and pony matrix show, and in reality, our elite overlords are a global cabal and don't want to rock the boat.

c) A silver price explosion will happen, but they're allowing it to happen slowly so as to load up on physical, and possibly because any large scale buying as discussed above would be considered by the US as an act of financial terrorism.

d) all of the above

 

Any clue?

Mon, 06/06/2011 - 15:39 | 1344201 Fortunes Favor
Fortunes Favor's picture

AUD/JPY leading the way. Rallied hard the last 5 min. maybe a rally into the close for ES

Mon, 06/06/2011 - 15:39 | 1344211 RobotTrader
RobotTrader's picture

Yep, ES trading in exact lockstep with AUD, EUR, GLD, etc.

Same old Wildebeest Herd movements.

Mon, 06/06/2011 - 15:48 | 1344241 lieutenantjohnchard
lieutenantjohnchard's picture

to keep from looking at all the red in his etrade account the part time 1099 processor furiously posts at zh in a vain effort to avoid facing his losses.

Mon, 06/06/2011 - 15:45 | 1344231 The Axe
The Axe's picture

Got to have a CLOSE below that number Tyler!!

Mon, 06/06/2011 - 15:48 | 1344240 oogs66
oogs66's picture

how does ES look versus the risk basket you show sometimes?

Mon, 06/06/2011 - 15:49 | 1344244 The Axe
The Axe's picture

Bank of America...is putting another knife in Paulson's stomach....fuck

Mon, 06/06/2011 - 15:52 | 1344259 cognus
cognus's picture

in 6 minutes we'll know if the lower breach was a headfake

Mon, 06/06/2011 - 16:13 | 1344316 Cdad
Cdad's picture

There you go...confirmed.  Two year long headfake, indeed.  Now that the juking and jiving jig is up, on with the Plunging and Screaming trade!

Mon, 06/06/2011 - 16:01 | 1344261 dwdollar
dwdollar's picture

Speaking of Fukishma...  Japan finally admits 3 meltdowns.

http://edition.cnn.com/2011/WORLD/asiapcf/06/06/japan.nuclear.meltdown/i...

Who would have guessed that governments/MSM lie?   Golly gee willikers.

Mon, 06/06/2011 - 16:05 | 1344282 Cdad
Cdad's picture

Ah, Fukushima.  Remember Fukushima?

Mon, 06/06/2011 - 16:44 | 1344442 GeneMarchbanks
GeneMarchbanks's picture

Good Times... yea...

Mon, 06/06/2011 - 16:02 | 1344273 RobotTrader
RobotTrader's picture

The PPT's valiant effort to spring the low failed.

TPTB must be getting very nervous.

Mon, 06/06/2011 - 16:10 | 1344301 lieutenantjohnchard
lieutenantjohnchard's picture

i thought pigmen always won as you've said hundreds of time at zh? so if the ppt's valiant effort failed then i guess you're saying pigmen don't always win. not to worry though. you're short as you said you would be if 1300 broke. so enjoy your favorite adult beverage on me tonight. LOL!

Mon, 06/06/2011 - 17:42 | 1344715 Highrev
Highrev's picture

TPTB are very short.

Mon, 06/06/2011 - 16:01 | 1344280 oogs66
oogs66's picture

Wasn't Citi supposed to do well once they did the reverse split?  Weren't they only lagging because their price was too low for some funds to buy them?  What a joke.  Though when the get back to $4 I will buy some.

Mon, 06/06/2011 - 16:09 | 1344296 huggy_in_london
huggy_in_london's picture

Hahaha, very good!  

Mon, 06/06/2011 - 16:07 | 1344288 slaughterer
slaughterer's picture

Now that shorts have increased so dramatically over the last 3 days, it is time to throw the market in reverse gear, and drive it up, to create a nice short squeeze.

Mon, 06/06/2011 - 16:04 | 1344292 camoes
camoes's picture

Next: negative margins on ES, we pay you to lose more money! 200% margin on silver

Mon, 06/06/2011 - 16:08 | 1344305 ghostfaceinvestah
ghostfaceinvestah's picture

Technicals won't matter now any more than they mattered last spring.  Once the money printing is stopped (or paused, as it may be), down she goes.

Mon, 06/06/2011 - 16:17 | 1344323 Dapper Dan
Dapper Dan's picture

The S&P 500 is up 2.27% for the year, gold is up 15%.

Is this normal?  Is it the new normal? or is it transitory?

Mon, 06/06/2011 - 16:33 | 1344379 Clowns on Acid
Clowns on Acid's picture

CNBC..money bunny..is already calling for "when will the Fed announce QE3?"

Wait until ES = 1250, the screams of "save us Ben!" will be sung in unison by all the MSM talking heads.

At 1200 = panic in the streets and of course Ben will come and "save the day".

Mon, 06/06/2011 - 16:42 | 1344427 Cdad
Cdad's picture

Yeah but...damn, does that woman have sexy hair.

Mon, 06/06/2011 - 17:07 | 1344548 Platinum_Investor
Platinum_Investor's picture

I think we will see much more of a drop than 1200 before QE 3 is announced.

Commodities need to drop.  If they announce QE3 with Commodities at current levels

this will be horrible for the economy.

Mon, 06/06/2011 - 18:22 | 1344879 HpDeskjet
HpDeskjet's picture

Yep, S&P will have to start with a 9 (and hint: not of 9k) for the FED to even consider it

Mon, 06/06/2011 - 22:00 | 1345630 pebblewriter
pebblewriter's picture

Agreed re the medium/longer term, but we should see a rebound off today's action before the real fun starts. 

http://pebblewriter.blogspot.com/2011/06/watch-for-rebound.html

 

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