Trade Setups for May 25, 2010

There is blood flowing in the streets this morning with the futures as European and Asian markets last night saw sell-offs in the range of 2.5-3.5% across the board. As a result, the Dow futures are down 225+ points, while the S&P is down over 27 points, and the Nasdaq is down over 41 points. The SEC might finally get the chance to try out those circuit breakers if things keep going the way they are going now.

Planned economic reports this morning include Durable Goods Orders at 8:30am and New Home Sales at 10am – but honestly, who cares? Neither of these two reports will have any bearing on this market, as it is all about the Euro and the economic collapse of European countries.

Click Here to Read the Rest of the Post.

I hope the United States is watching, because the days of entitlements and welfare has to end, and to send a message to lazy folks out there via the Good Book (and I do mean the politically-incorrect Holy Bible), that “If a man will not work, he shall not eat.” (2 Thessalonians 3:10) Pretty harsh, eh? Well, when I see my country that I love, and the money I work hard for and earn by the sweat of my brow, being thrown to the fat lazy pigs in the squalor, that for generations now have come to believe it to be their right for the government to support them in their pursuit of a ‘nothingness’ life, then somebody that ‘can’ needs to get the courage to cut off the flood of entitlements that have them sitting in their ‘crib’ with a LED flatscreens watching Netflix (NFLX) and playing Xbox and living a life void of responsibility, while the man’s 25 kids via 24 women (give the guy credit though he managed to stay committed to one of the women for two kids straight) gets raised up by you and I.

So when the time comes and these worthless excuses for human beings start rioting the street like they did in Greece, because for once they are going to have to shave and go find an honest living for the first time in their life, then we as hard-working citizens of the greatest country on earth need to respond with equal force and yell it from the roof-tops, the church-house, school-house, hen-house and dog-house, to “GO GET A JOB ‘YA BUM!”

…………..

Wow! I wasn’t expecting to jump on the soap box this morning, but it felt good to say it though, no lie. As for the trade setups this morning…ask yourself, do you really want to trade off my charts, that once the market opens in a couple of hours, will be totally worthless? I didn’t think so. I actually had a few descent setups I wanted to publish but won’t because of the huge gap down we are going to see at the open today. So be careful out there, if you are still heavily short this market, consider using this sell-off to start taking profits off the table.