Charts: At midday on July 24 the S&P 500 is trading just under 1333 which is both the 50-day moving average and the final Fibonacci retracement level in the series. This is also the bottom of the recent trading channel and a battleground support level. A convincing break below 1333 means the charts are saying a serious correction has begun. I have my puke bucket only inches from my desk and it seems to be calling to me: "Puke, Dave, go ahead, let it out!"
Fundamentals: Yesterday I said Spain will default. But the media is saying Spain will get bailed out like Greece and not default. Newsflash: Greek debt gave investors a 75% haircut, that's called defaulting.
Long War: In their wisdom the international NGOs in Afghanistan gave the Taliban a free pass on poisoning little girls in girls-only-schools. The Taliban of course has infiltrated Afghan security forces. Before the Taliban moles would have to kill themselves to take out honest security personnel; go out in a blaze of fire. Now they are using poison and living to fight another day. Can you see why we need to get the western liberal do-gooders out of Afghanistan?
In Syria, for the first time Assad's Air Force is strafing rebel positions with fighter jets. So FSA rebels armed with AK-47 and itty-bitty grenade launchers are being attacked by main battle tanks, heavy artillery, fighter-bombers, and attack helicopters. Not surprisingly, the good guys are being knocked back.
What possible advantage do the good guys have? What force is on their side against this overwhelming firepower? Consider the following two news items...
Russia is warning Assad not to use chemical weapons. Somebody or something is pressuring the holy crap out of Russia. Who could it be?
The Wall Street Journal ran an article yesterday asserting that the CIA is a little bit more pregnant in the Syrian Civil War than previously admitted, but only by a tiny amount. The article used the word "limited" several times. The CIA is indeed pregnant but only in the most limited manner possible. Then the article highlighted the blunders the CIA supposedly has made in its limited pregnancy. Shipments of arms have gotten through. Langley is not really doing that great of a job, yada yada yada. This is called disinformation.
Today the Wall Street Urinal is running an article asserting that David Petraeus' number one concern is getting a new gym for the spooks at Langley. What a srew-up he must be. Not.
This is what the out-gunned FSA rebels have on their side, the raw genius of the greatest military mind in the world.
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