H2 started quite volatile … and we all should be aware … as this footprint will be seen now many times …
But to that later …
First a word to the market as a whole …
What setup did we have?
A 9th down day in a row for the Nikkei … a record down month for June […]

Merrill Lynch said its sees continued pressure on the U.S. equity
market in the coming months as it sees the S&P 500 Index as
less than 50% priced in for a U.S. recession that it believes
likely began in January.
U.S. Sector Strategist Brian Belski said that given the
deteriorating fundamental and macroeconomic backdrop, he
doesn’t believe the stock market has […]

Fitch and Moody’s had negative comments last week … now S&P puts Oil into the fire …
Be aware … tomorrow they will hold a conference call about the following press release …
I don’t think, we will see anything positive …
NEW YORK (Standard & Poor’s) June 2, 2008–At the conclusion of its review of […]

As I got loads of requests for the Chart picture of the S&P after yesterday’s DAX Analysis.
Here we go:
Picture is quite similiar … that is “globalization of markets”
As the DAX, the S&P completed recently a bearish Gartley-Pattern …
the corresponding extension targets are:
1300 (bullish case) 1170 (neutral expectation) and 1045 (bearish case)
See CHART […]

Another piece out of the never ending series …
STUPIDITY RULES!!!
Here we go …
Brainless rating agency S&P, just a day after wanting us to believe their unbelievable story that we could see the end of the tunnel.
The light they say was a bullet train
Bear Stearns had a confidence crisis and the FED stepped in […]

Every day the same story … market heads south … on REAL data …
Today … retail sales … HORRIBLE … HFs going under … Bear Stearns about to go belly up
Then … a white knight appears … if it is not Heli-Ben it is one of his “a**kissers” …
Today … even two of them […]

We survived January … and it was NOT the worst start of a year … as we recovered thanks to Uncle Ben …
January was down “only” 6.3% (S&P) … Nasdaq was down 9.9%.
The bond insurer problem still the tail wagging the dog …
Yesterday, CNBC spread rumours, that S&P will downgrade SOME of the bond […]

Situation:
U.S. Markets: Volatile session closing down. Not much to say. 2nd day we closed below 1391, which is the breakout mark out of a possible broadening top in the S&P. Waiting for today’s Bernanke speech and some results.
Asian Markets: Japan stocks climb as Dollar tries to recover on ECB comments, which were interpreted as “dovish”. […]