3pm update - closing hour gloomy doom

Whilst the market churns and chops around, here is something for your viewing entertainment from Bloomberg. Mr Stockman is yet another one in the mainstream who is starting to recognise that things are indeed weak in the broader economy...and that the US is indeed headed for recession.

It'll probably take another 2-3 weeks for the majority of the mainstream to again briefly awaken and realise 'ohoh..we have a problem'.




*it remains disappointing how Ms. Liu has turned into one of the more annoying cheer leaders out there on the clown networks. I suppose I shouldn't be surprised, but still.


meanwhile..back at the casino...

sp'60min

Summary

Sp'1350 looks like reasonable soft support right now, at the current up trend rate, we could be comfortably around 1365/70 by the Tuesday close.

With the Bernanke due to speak for much of tomorrow morning, Mr Market could be said to be effectively shut until he stops talking. So, maybe look for a post-Benny reaction around midday Tuesday.

More after the close