This is when the BIG Dawgs come out. We will know what all the hype and leg humping was about maybe 30 or forty minutes from now. Lets hope Zuckerberg has some real game here. In any event, I have the upside and the downside mapped out for you in this video here.
With all daily basis supports having cratered now, we really have to go to the weekly and monthly charts to gauge reasonable supports. If we take the November 2011 lows to the September 2012 all time highs – that gives a a scale of force which suggests we will not see meaningful support until we visit the 477.81 areas.
I do of course expect some options expiration shenanigans before Friday. If we test that force level down near 477 we may get the mother of all short squeezes in tandem with some form of BS “news” later this week. Here is a quick video on my chart points.
There is probably quite a bit about Wells Fargo in particular, not to mention GS, JPM, & MS that you never knew about. God knows I did not know any of this shit either. How bout 7 trillion worth of things never disclosed in their collective SEC filings over the past five years?
It is all superbly laid out for us by Matt Taibbi in his January 4th piece “Secrets and Lies of the Bailout”.
Additionally, must reading for every serious student of the 2008 financial crisis are Matt’s kind words for Hank Greenberg and AIG.
$WFC $GS $MS $JPM $XLF
Wells Fargo leads off tomorrow pre market with its earnings & conference call. The charts video on this handful of financials are tres bullish for now, almost laughing at you and I, and screaming ‘Occupy This!’
Lets see what the morning brings…
In a fantastic and extremely well thought out screed penned this week, Doug Kass has enriched us with “Doug Kass: 15 Surprises for 2013” . It is a lengthy piece of work, and worth every moment it takes to read it.
I first became aware of Professor Kass on or about March 6th 2009? – during a segment of Kudlow & Cohorts on CNBC – when Doug stated something to the effect of ‘we are about to hit a bottom and a generational buying opportunity…’ Two days later The Doug’s prognostications proved true; while the rest of the world was still piling in to S&P 670 index puts.
I distinctly recall ruminating at the time, that this guy must be some devout acolyte of W.D. Gann, or god forbid, even worse — a practitioner of financial astrology. Perhaps even, he had stumbled across some long lost manuscripts of Nostradamus, thought only until now to have long been burned by the catholic church. Or… maybe he is just plain smart and well studied in financial market cycles… So be it, and whatever the case, no one could argue that his timing that night was anything less than prescient. The rest is modern history…
The short and skinny of Professor Kass’ ‘Surprises for 2013′ article is some sleeper fear & loathing coming in for the first half of this year, followed by a reversal of mass psychology for the second half of this year, and leaving us at the end of December this year…flat on the indexes for 2013.
In the following video on index charts I am going to lay out what ‘might be’ the downside in terms of force levels of support, should Doug Kass prove to be right (again). I will include some reads on $INDU, $SPX, $COMPX, $OEX and $NDX for what they may or may not be worth.
And let me leave you with my own prediction for 2013… I predict Doug Kass will prove to be 88.26% accurate on all 15 of his surprises. Won’t that knock the rag of the bush!
Smoke em if ya got em fella’s…