Charts: The S&P 500 is experiencing a waterfall chart pattern, the most damaging of all patterns. A waterfall shows no respect for support levels, punching down through them without even pausing. It doesn't care that the market is oversold and should at least exhibit a dead cat bounce. A waterfall is like the Terminator killing robot in Scharzenegger movies. You can't reason with it. You can't negotiate with it. There is no pity. There is no love.
Fundamentals: The hard left in Greece is telling voters that Germany, the EU and the ECB are bluffing. The left claims Germany will keep bail out funds flowing even if Greece abandons its austerity program even though Germany is saying the opposite. This week the ECB cut off funding to Greek banks. Earlier the EFSF (one of two EU bail out funds) pulled back over a billion dollars worth of funding. So Germany and the EU are already pulling the plug on Greece, not just talking about it. This might change the outcome of the coming Greek election. If Greek voters think German chancellor Merkel is not bluffing, they might get scared straight.
Long War: The Obama administration has a theory, the veil of secrecy should be pulled off the CIA's drone program. It is broadcasting in advance plans to expand the drone campaign to Nigeria, Somalia, and other parts of Africa. The CIA is openly opposed to this White House proposal. Obama always starts screwing up foreign policy when he is suffering in the polls and his re-election prospects get shaky. He is very smart but lacks courage. This is his biggest weakness.
The war in Yemen is going very well. As the Yemeni Army advances, rolling back Al-Qaeda, citizens in the former occupied villages and lands are rising up and joining the fight against the evil ones. See? See what happens if you just leave the CIA the %#@& alone?
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