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After The Bell 11/1/11

The 30 minute bar chart of the SPX futures illustrates that the 2 day cycle is in a sideways up phase (an up phase that doesn’t go up), and the 5 day cycle should be bottoming. That’s a perfect setup for an “anything can happen” reaction to Bernanke’s dog and pony show tomorrow afternoon, where no one will dare ask him what effect his zero interest rate policy is having on elderly Americans who saved all their lives, played by the rules, and don’t take risks.

The FOMC announcement tomorrow is scheduled for 12:30 PM ET. The Bernankenstein press conference is at 2:15. With the 5 day cycle due to be early in an up phase, the bias should be to the upside for these events. If the market goes the other way, things could get very ugly fast. There’s nothing more bearish than a breakdown from an oversold position.

S&P Futures Chart After The Bell- Click to enlarge

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 


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