This morning’s Premarket shows SPX challenging yesterday’s high. With corporate quarterly earnings reports beginning en masse before the open, there is no telling if SPX opens higher or not.

ZeroHedge reports that the first four out of four earnings reports have been disappointing.

Even more interesting, ZeroHedge comments, “There are two ways of looking at the NYSE short interest, which as of September 15 surged by 1.4 billion to 18.4 billion shares or just shy of the level hit on July 31, 2008:

Either a central bank intervenes, or a massive forced buying event occurs, and unleashes the mother of all short squeezes, sending the S&P500 to new all time highs, or Just as the record short interest in July 2008 correctly predicted the biggest financial crisis in history and all those shorts covered at a huge profit, so another historic market collapse is just around the corner.”

TNX has met yesterday’s high at 20.77 this morning. This keeps us at the edge of our seats, since it could be a Micro Wave ii. I am suggesting that explanation for the moment, but we must be aware that if TNX goes any higher, there may be no overhead resistance up to 21.29.

This is a cliff hanger of a setup, but should be resolved at the open, if not sooner.

Regards,

Tony

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