11 MAR 2011, Friday (AM)

• SP500 finally broke down from the channel it's been in.  At the 50MA, 90MA at 1263. 
• Pesky thing is...Da Boyz are back to the same big gaps over night and little price action during the day.  This trapped a lot of bulls and gives the bears little to work with.  
• It is what it is.  
• Highlighted a couple of potential support areas via black lines.
• Will have to see how this progresses.
• New POMO schedule is out from the Fed and it appears that it will continue.  This rally from SEP started with POMO and was quite a run.
• More global warming nonsense:  "The United States spends about $6 billion a year on federal support for ethanol production through tax credits, tariffs, and other programs. Thanks to this financial assistance, one-sixth of the world's corn supply is burned in American cars. That is enough corn to feed 350 million people for an entire year.     Biofuels were initially championed by environmental campaigners as a silver bullet against global warming. They started to change their minds as a stream of research showed that biofuels from most food crops did not significantly reduce greenhouse gas emissions – and in many cases, caused forests to be destroyed to grow more food, creating more net carbon-dioxide emissions than fossil fuels.     Some green activists supported mandates for biofuel, hoping they would pave the way for next-generation ethanol, which would use non-food plants. That has not happened. Today, it is difficult to find a single environmentalist who still backs the policy. Even former U.S. Vice President and Nobel laureate Al Gore—who once boasted of casting the deciding vote for ethanol support—calls the policy 'a mistake.'"
• One more point on global warming below...US seems to be reducing emissions but China has rapidly overtaken and exceeded our output.  Are you "warmers" gonna go to war over this?  Silliness!!!