The Fed Madoff Economic data ~ 11/2/2009

$COMPX 2049.20 4.09 0.20% 2,402,839
$INDU 9789.44 76.71 0.79% 1,546,439
$INX 1042.88 6.69 0.65%

Markets traded to lower TL supports as noted, e.g. SPX 1029 LOD in a short timeframe with a wide range day and finished the day with doji/hammer formations.

Previously shown EW daily chart lower target of SPX 1000 +/- is Wave 1 target area; however, markets are trading at pivotal juncture going into the FED announcement Wed day.

Only way for the EW formation to work for bearish scenario is Extended (v) of 1 of (1) of {3} with wave 1 target of 950 +/- as shown on the 15min chart; however, markets are closed at pivotal juncture, so, I am staring at doji/hammer closed charts with teary eyes.

As some of Americans are now aware of dreadful Fed manipulation of economy and financial amrkets, we now have to wait to see how the Fed Bernanke will do with markets, but so far he is still broadcasting hyped GDP, misleading economic growth propaganda. As Jesus said, we may just have to deal with the power craving FED as Bernanke is continuing to bamboozle Americans and globalists.

Actually, the Volcker early bubble stage which was followed by the Greenspan bubble madness was the beginning of the grand swindle of Americans and the United States as we can see on the VLT chart. http://trend-signals.blogspot.com/2009/10/what-fed-has-done-to-united-states.html

• No More Over-Reliance on Consumer Spending: Volcker

  White House economic adviser Paul Volcker said his meeting on Monday with President Barack Obama focused in part on reducing U.S. economic reliance on consumer spending. Volcker Talks Economy in CNBC Exclusive

• Seesaw moves in the stock market have not discouraged some strategists who believe the market remains in an uptrend, despite near-term choppiness.

Stocks Monday rose early on a strong ISM report and a surprise profit from Ford, but they gave back a triple-digit gain at midday as the financial sector came under selling pressure. But buyers stepped in, taking stocks from negative levels to gains once more. The Dow finished the day at 9789, up 76, and the S&P 500 rose 6 to 1042. Financials ended higher, up 0.8 percent, even as Citigroup, which led the decline, finished lower.

Monday's intraday move though was volatile but mild compared to the sharp snap up last Thursday on Q3 GDP, and the big let down Friday when the Dow lost 249 points after a weak consumer spending report.

http://www.cnbc.com/id/33593806