S&P Futures Are Testing Draghi's Dream

Tyler Durden's picture

EURUSD meandered for the first few hours this afternoon but as Asia opens EUR (and AUD) weakness, USD strength and risk-off has come to pass. While not earth-shatteringly devastating, S&P 500 futures are trading down 5 points (8 points from opening high this evening) - their lowest in a month - and testing critical support from the Draghi 'believe' speech spike. AUD weakness is especially notable after opening rather strong (swing from a 0.3% gain to a 0.3% loss now against the USD). Treasuries are still waking up (down 1bps).

S&P futures leaking...

 

and EURUSD testing down to 1.2900 again...

 

Charts: Bloomberg

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UP Forester's picture

Like it matters anymore....

Boilermaker's picture

No kidding.

Who actually gives a fuck anymore?

In any event, it will be ass-rammed higher through the wee hours anyway.  In fact, it's already on a magic carpet ride higher now.

Golly.

realtick's picture

You ain't seen nothin yet...

fonzannoon's picture

I see Ben throwing the kitchen sink at this bitch until November.

Yen Cross's picture

It won't matter. Mr. Clean and his crew are standing ready with mops!

Fidel Sarcastro's picture

He'll be throwing money.  Here is footage of Bernanke practicing as a child.

 

http://i.imgur.com/XaiUx.gif

Lost Wages's picture

Every expert in mainstream and alternative media are bearish on equities. That is very bullish. If I were Ben, I'd raise interest rates a quarter of a percent and watch everyone flood out of bonds.

Conman's picture

Yea, what do they know. Idiots. Stupid people like Peter Schiff who analyzed the housing problems 2 years in advance were stupid to be bearish right?

http://www.youtube.com/watch?v=Mlo8uvlwQeQ

 

Guys like Lutz with sp 1500 price target are rare  on mainstream media right?

http://www.youtube.com/watch?v=kriqAhay2TY

Lost Wages's picture

I don't feel bad being a newb anymore, because I've seen experts be wrong too much. Last May we moved our retirement from stocks to bonds because of things I'd seen from Zerohedge, Charles Biderman, Charles Nenner, Jim Willie, etc. Well, guess what. It was the wrong fucking move. Stocks went up all summer even though retail was fleeing. If I'd stayed put instead of changing investments, we would have made more money. Now Fidelity has more muppets in bonds than stocks. Who's going to get fleeced then? All the retail fuckers who fled into bond mutual funds or the levered up speculators and banks who own equities? You tell me, mofo. Now Greg Mannarino, Marc Faber and even 50% of the douchebags on CNBS/FauxBiz/BloomBorg are bearish or skittish about stocks. What does that tell me? Time for more upward fireworks. The S&P has barely broken down through moving averages and support, it could just as easily be about to bounce upward and overcompensate for its post QE dive as it is to fall further. I see technical analysts going both ways. I'm so contrarian now, I'm contrarian to the contrarians. I say the fewer muppets in stocks, the easier the big boys can control the market.

alex_g's picture

You have to ask yourself, do you want to be in a market that's based not on fundamentals but controlled by TPTB??

Lost Wages's picture

No. I own silver. But my wife has money trapped in a 401K so I do with it what I can. Do you have a problem with that? Because we can't take the money out and don't tell me we can.

FreeMktFisherMN's picture

Wouldn't be complete without silver tanking. 

max2205's picture

Could be a bad couple of weeks

vote_libertarian_party's picture

pu-leeez

 

A couple clicks on the keyboard and green by tomorrow morning (per usual)

Boilermaker's picture

Yea, sure.  And, behold the insta-matic grind up and the Fed starts the relentless bid up.

+5 handles before the rooster crows.

Why would they even consider stopping this shit-show now?

WonderDawg's picture

If it opens up 5 points, short it with prejudice for a 10 or 15 point day trade, get out when it starts to bounce again. It should finish pretty close to the Friday close, if it follows the pattern of the last 8 or 10 Mondays.

Boilermaker's picture

I'll let you do it and I'll watch.

praxis's picture

They have to let the Commercial silver shorts cover at a lower price...a little more time then the ramp job commences...

Boilermaker's picture

Well, looks like 1420 is the 'new magic number' to protect.  Must be some psy-ops shit for the 3 remaining retail investors.

Boilermaker's picture

This 'breaking news' took all of 70 minutes to completley go to fucking shit.

ES now <GASP> positive.

zebra's picture

it is quite unbelievable that our economy is based on "believe".

slaughterer's picture

Ain't going down...

Conman's picture

China saves the world again. China easing back in play since inflation not higher than expected. Incredible.

Ungaro's picture

Retail investors are out of this market. Both of them are sitting on the sidelines.

Boilermaker's picture

The 'Dream' sure seems to be doing fine again as the ES is flying.

Shocked....I'm shocked.

The 'support', whatever the fuck that even means, has held up wonderfully.  Hell, we're even up 6 handles (as predicted).

Xue's picture

Soon or later, people will realize that QEternity doesn't make the stock market immune from bad economic fundamentals.

Now is the time to short the S&P?

Boilermaker's picture

So, you think the market is being pushed higher by 'people'? 

Good luck with that.  Short it with both hands.  Enjoy your riches.

orangegeek's picture

SP500 broke channel support last week.

 

http://bullandbearmash.com/chart/today-week/

 

Big earnings week.  Let's see how money losers will be spun into bullish market moves.