Shuttin’ Detroit Down

Unless you’re living in a cave or a tent right now (the latter of which is becoming a sad reality for a growing number of  Americans) then you probably heard that UAW stopped negotiations with GM last night. I think we all know what this might mean for GM whether either party at the table wants to face reality or not. For the record, although I’m not a fan of the big three (as a matter of fact I despise them) I still think that it’s a truly sad state of affairs when we throw trillions of Dollars into the laps of banksters and at the same time let our domestic auto industry wither & die. If only one of the big three has to seek bankruptcy protection expect Detroit to turn into a ghost town by the middle of the next decade.

I’m usually not a Country-Western fan, but this song paints the picture nicely. Plus, I’m a ‘real’ American now, so I guess I better get with it 😉

I meant to write my weekend forecast today but was too busy coding – I’ll post by tomorrow afternoon.

FYI – index futures have been tumbling during the short pre-holiday session – ES now hovering below 816 as I’m typing this. I sure would hate to be sitting on a pile of cash right now – &#^#%@*!!

Finally – a public service announcement: 2sweeties is having a free week over at retracementlevels.com, which also means that we are allowed to discuss all RLs and post pertinent charts until next Friday 4:00pm EST. BalaB already shared some very interesting insights which got my mind ticking. Since many of you are cheap penny pinching leeches I encourage you to get your tail over there and enjoy the free ride while it lasts. Those RLs continue to be spot on and I cannot imagine why anyone would not want to shell out the ridiculously low subscription fees he’s asking for. If you are trading ES futures RLs are simply a must-have in my not so humble opinion.

P.S.: And yeah, I copied the video clip from Karl Denninger’s site – sue me! Plagiarism is the ultimate form of flattery 😛

UPDATE Monday 10:13am EST: There have been severe storms in Los Angeles and I just woke up to yet another power outage. My entire neighborhood is in the dark and I have no idea how long it will take to restore power. I’m typing this while sucking energy from my UPS but they are probably on their last leg. If you guys don’t hear from me by tonight then you know why – I sincerely hope that the DWP will have restored power by then but I can’t promise it.

UPDATE Monday 3:17pm EST: I know this might be hard to believe but I’m still sitting here without power. I am typing this on a tiny laptop and a Sprint modem, my UPS has gone dead hours ago. This is the third time we’ve had an all day outage this winter season and it’s a testament to the level of incompetence that’s prevalent in the City of Los Angeles. Heaven forbid we might actually have a serious catastrophe of some sort – this city would turn into a war zone in a very short time.

Folks, I’m terribly sorry but I do need my trading system to be up and running in order to post a thorough analysis. There is no ETA on when power will be restored and the best I can promise is that I get to work as soon as the lights are back on. It usually takes me several hours to complete my report and even in the best case scenario I probably won’t get a chance to post until later this evening. Frankly, at this point I am actually getting more concerned about not having power restored by tomorrow morning – not being able to trade on Tuesday would really suck.

Sorry guys – but this is out of my control.