How many times does the guy need to appear before Congress to test whether the legislative branch remains spineless? Check.
Or is Congress just dense? Bernanke sang the same old tune: the banking system will remain crippled in its insolvent state for as far as the eye can see. Yet how many times must he say it? And what are jellyfish to do? Pretend government should be run like a private household? How colonial. Fits well with solar panels and windmills, too.
(Thin on representative leadership we are. To its credit, though, Congress is earning its paycheck this week with its effort to make some of the finest built cars in the world cheaper for Americans. Kudos! And hat tip to the British school.)
This morning looked like one short player guaging long inventory in the pipeline ... the sort still biding time on Kong's every word.
Diverging RSI is foreboding. Thus, a little more alive today is possibility an Elliott a-b-c corrective wave [up] from early-February's low already completed 2 or 3 days ago ... and a move back down to those early-February lows has begun.
At this point in a multi-month momentum fade (see MACD) we find similarity to the state of things last February (2009). In light of the fact that, in 2009 momentum had been improving over several months (yet still negative), consider the magnitude of the loss highlighted above despite this. Then consider what more might be in store in light of momentum's persistently weakening state (yet still positive) since peaking in May '09.
Making the present moment rather compelling is the fact that during January 2010's decline volume exceeded that registered during January 2009's fall, and now this is being followed by conspicuously meager volume accompanying the most recent bounce.
If there were a time when a steep decline might come out of nowhere, this could be it...
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