Wednesday brainstorming

1. Markets have made an incredible pathetic rally exceeding any wave 4 count threshold. Since the market was very short and stil is to some degree as the rally was rolling with high put purchasing participation hence we have not sen the top yet. We have reached the level from where we will se a retracement short term within the next days. 1340 SPX and 23 level NDX bu we have activated the old highs from April which had unfinished counts in weekly terms and this month we shall see a challenge of them and very likely se even new minor highs as one of my favorite proxies Apple is clearly heading for one and the insane new highs of AMZN are already doing. Mankind repeats mistakes over and over and never seem to learn anything. Actually the market is in a shape it never has been before as 80% of daily volume is run by pathetic robots programmed by even more pathetic  math PhD’s who could not care less about reality as long as the Dollars keep rolling in. Still most of time they are very predictable but the recent bailout of banks ( Greece) on behalf of taxpayers with a technical default which is declared not to be one keeps the new paradigm that rules are being changed as the bankster elite and corrupticians see fit to keep up their ponzi scheme.

In the meantime all the other bankrupt countries or states keep lending money along a global negative interest rate ( stealing again money from global hard working savers on a legalized basis.

excerpt

Portuguese Bonds In Melt Down – Euro Gold Rises To €1,056/oz – 3% From Record Nominal High On Contagion Risk

Submitted by Tyler Durden on 07/06/2011 07:16 -0400

 

The Moody’s downgrade of Portugal has led to a brutal sell off in Portuguese debt in morning trade which has seen Portuguese 10 year bond yields surge from 11.02% to 12.23%. Yields on Portuguese two-year notes soared 212 basis points to over 15.14 percent. There is increasing speculation that another downgrading of Ireland is imminent and Ireland’s 10 year yield has surged to over 12%. Portugal received a $112 billion loan package only two months ago. It was due to sell 1 billion euros of treasury bills today but the Portuguese government debt agency IGCP said it sold 848 million euros of bills due in October. Portugal is a reminder that Greece is just the tip of the iceberg and Portugal, Ireland, Spain, Italy, Belgium, Hungary in Europe and the U.S. itself face similar challenges, of greater and lesser degrees.

 

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~ by behindthematrix on July 6, 2011.

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