By John Galt
November 9, 2011 – 06:15 ET
UH-OH. We have an EAS test at 2 pm but on Wall Street the alarm went off early. S&P 500 futures are down a solid 26.90 as this is being typed and moving south since 0500.
Meanwhile, the West’s economic future depends on a bunch of socialists who screwed their economies up to fix their economies and prevent a worldwide collapse. In the mean time, there are idiots who are trying to reassure investors around the world that inverted yield curves in various countries couldn’t possibly indicate a recession or contraction in economic growth as Italy’s bond complex blew through the 7% yield level without any resistance today as everyone is fleeing that nation’s basket case political and economic situation.
Get ready for a wild day in the markets as going up, 1290 is resistance which it doesn’t look like we’ll test and 1254 is the first level of support followed by 1220. If somehow, some weird way we blow through 1220 today, this website will switch into crash mode.