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The RSI divergences on the SPX 15min chart have been working very well in recent weeks, and that flipped to sell in the closing hours yesterday in the zone of strong resistance marked on the chart. My lean is therefore down today, though I'd normally expect a sideways to down day after a trend day in any case. As with the last signal the divergence is slight though:
Competely by chance – – I'm not even sure how I tripped across it – – I saw this video of Irish Journalist Vincent Browne confronting the ECB's Klaus Masuch (and, periodically, Barbara Nolan, the Irish representative on Klaus' right). It just goes to show how The Powers That Be have no real answers for the public.
As for our own country, any time you hear B.S. Bernanke cite for the millionth time the "dual mandate" of the Fed, just remember the real dual mandate is: (a) protect his friends; (b) get rich after he's done with his post.
….and let's hear from Slope's Patron Saint on the topic….
Today's gap-down "shock drop" in Foreign ETFs was accompanied by a big volatility spike in each one at levels seen in September/October 2011 during large declines in these markets, as shown on the Daily chartgrid below. Volatility is represented by the white histogram which is overlayed on price.
Data released today shows that Europe's Revised 2011 Fourth Quarter GDP declined into negative territory, as shown on the graph below…an area not visited since 2009. Today's figure confirms the prior Flash GDP number…will see if the Final GDP figure confirms (to be released in about 20 days).
