WOW, EUROPE IS SAVED! What? Huh?

Oh, it was just some guys talking?  Damn~

9:51 PM

Once again a few comments is all it takes. After being down BIG the indices all rallied at the end of the day to finish in the green! Really? REALLY? Seems all it took once again was the kind words of a few European officials and BAM! Intra-day RALLY! No, it's not a real rally silly. Just a spurt of buying and short covering. We're still on the way DOWN! You see, we have played this game over and over and over during the past few weeks. The whispers, the rumors, the political speeches in regard to Europe. Each time we were headed down, someone of consequence whispered a few magic words and BAM! Intraday RALLY! We even had a 5 day rally from well placed words and rumors during the "Bear Flag" scenario. After a short while, reality would rear it's ugly head! Then the market, acting surprised, would return to it's downtrend.

Yes I know, it was better when you thought you had a blind date with a hot, gorgeous babe. But remember, your best friend did say she had a "good personality" and was "really nice". And we know what that means! Yup. FUGLY! Rumors, wishes and hopes versus reality.

It's the same with the US Congress. What a bunch of asswipes!! They fight about the debt ceiling as if waiting until the last minute won't make a difference. Then they are offended and disgruntled when S & P downgrades the USA. Hilarious! They we even warned! What arrogance. Then there was the last minute fighting over........ of all the asinine things........ giving aid to fellow Americans after a natural disaster!! WTF? Fighting over approval of aid to our fellow brethren? Are you freaking kidding me? And now the "Super Committee" is headed the same way. The same BS is going on in Europe. No one is getting anything of substance DONE! Fellas, there is a global crisis happening, and you (the people in charge) need to actually DO SOMETHING!~

So they play the game, hoping the whispers and rumors and speeches might change things. And they do change things for an hour, a day, or a week. But then reality sets in they are befuddled again. Huh, go figger! It always worked before when they did nothing!!

Ok, the charts. The VIX is still over 40 and volatility is crazy! And as more and more people play the game volatility will continue at record levels. The major Indices all tell the same story. We're going down. Volume increased today, but we still need that high volume down day. And I have to tell you, the hairs on the back of my neck have been standing on end lately. I have this uncomfortable feeling that we will not hold the Dow 10,000 level. It's just a feeling at the moment. But.........

No changes in the trend table. But there's a couple of pretty ugly charts to look at below.

CURRENT MARKET TRENDS

Long Term (Weekly Chart) - Down

Medium Term (3 day chart) - Down

Short Term (Daily Chart) – Down