The Dow Jones bounces off support with good news on the Greek bailout, despite continued overall gloomy economic reports and the end of the Fed’s QE2 support. Cars 2, the happy kids movie about cars competing in Europe set the optimistic mood for a rosier European future as all their troubles were kicked down the road yet again by the Greek vote to squeeze their citizens into an impossible attempt to pay down their debt.
Is this the prelude to better times ahead or the last gasp of our leaders trying to avoid the inevitable crash and burn of global markets? Transformers 3 is a horror show for emotional mood signals, denigrating job seekers, the role of government as a keeper of secrets and our dependence on machines and technology which keep us slaves to resources and commodities. The subliminal messages in this blockbuster hit are foreboding and depressing to everyone’s emotional well-being.
Here is the MarketBOB chart for this continued Long Wave rally from the lows of March, 2009.