Charts 11-25

It's so funny to see the liquidity game turned back around at us.  Only now, instead of us creating credit and buying assets from the world with fresh credit-money dollars, now apparently it's the Chinese buying up Irvine and Brooklyn.  All of this, with money conjured up out of thin air.  We'll see if they can purchase the rest of the world's gold and oil along the way.

But Irvine is a national treasure, so this cannot possibly stand.  With that in mind we are looking forward to a strategic reply of real tapering in the schedule this Wednesday.  In any event, it certainly is a very good time for an inflection point on the chart, whether it's the "pullback" everyone expects, or something more sinister.  The wave count is mature and putting up bearish wedges.

The little squiggle I drew this morning did manage to catch the excitement late in the session today.  Yawn.

SPX 11-25

The larger perspective of a top kicked off by a possible taper in POMO purchases this Wednesday.  They aren't going to pull the plug all at once.  Of course not, that would crash the markets.  A taper, even a little one, would give us something better, a real market again.

SPX 11-25 60D