The SNB might push their remaining chips to the middle of the table (all-in) near the levels shown because there is lots of air to 1.30. Just keep an eye on those levels for a possible relief rally.

Two or there voodoo lines hints the EURCHF is near an inflection.

In the short term, +3 and -3 have been decent signals for possible mean reversion

[Insert some smart-looking analysis here]
[Add caveat leaving yourself an out if it doesn't work... You know, like, past performance is not indicative of future results, or something like that. Or how correlations are unstable when the shit hits the fan.]
[Vie for slot in Octobox]

The following was submitted by Richard Trickle, Senior Strategist at Do-We, Screw 'Em & How

Greetings and Salutations everyone. I'm coming at you live from the Periodic Table of Elements Conference and I've got a special treat for you all tonight. *applause* When I was first asked to deliver the keynote address, frankly I didn't think any of you were worth my time. Let's cut to the chase here. I'm right and you are wrong. *applause*

What I'm about to tell you is G-14 classified so please keep this on the down-low...

Francium occurs as a result of a disintegration of actinium. Francium is found in uranium minerals, and can be made artificially by bombarding thorium with protons. It is the most unstable of the first 101 elements. The longest lived isotope, 223Fr, a daughter of 227Ac, has a half-life of 22 minutes. This is the only isotope of francium occurring in nature, but at most there is only 20-30 g of the element present in the earth's crust at any one time. No weighable quantity of the element has been prepared or isolated. There are about 20 known isotopes.

You might want to read that again. Look, I had a beer with the CEO of a francium mining company and he told me that there isn't even 10 grams at any one time! This one is a no-brainer people...Buy some francium off ebay and bury it in your backyard.. I don't need food, cash, equities or bonds. I'll be just fine with some Francium, Rhodium, a little Tungsten, a dab of Copper, a drum of Oil (currently free below the 33rd parallel N), a pinch of iron-ore with a splash of random length uncut [Canadian maple] lumber (The lumber is for diversification purposes only. I haven't figured out how to keep the buried frozen pork bellies from spoiling).

Here's a futures chart of Francium for all those who participate in the market but somehow incapable of viewing your own.

FRANCIUM BITCHES!!!!

In part 2 I will talk about the prospects of Lanthanum; a very rare earth element that is the brains behind your Lithium. It's not a matter of if, but when, we run out of palladium and rhodium from all the catalytic converters, and as a result these battery-powered cars will deplete Mother Earth of her Lanthanum. Are you positioned to profit?

*standing ovation*

The following was submitted by Captain Obvious, Sole Proprietor of Fly By Night Capital, Beer, Wine and Spirits.

[update after close] The market closed at 1115, I just wanted to state the obvious again [end of update]

Greetings, Captain Obvious here. In the last S&P forecast nearly a month ago we were coming off a closing low of 1071 with a forecast of chop to persist through June. Here we are midway through June and just a couple percent higher since, but not without some impressive jack-knifing between then and now including the SPX/JNK recombination which led to nice 2-day shank. All in all, over the last month we're pretty much unch. There were several opportunities for tactical trading but otherwise just chop, or you might refer to it as Flüchtigkeit. Speaking of that, we've also seen zEuro found support right on the demarcation point between Reprieve and No Man's Land at 1.19 (1.1871) and is currently trading north of 1.23. Again, the same resistance levels previously listed for zEuro are in play as well as a possible bounce to the 1.30's which would no doubt be bullish for the markets.

For the S&P there has been no reason to update because the scenario with a possible H&S forming is still in play, except the right shoulder might not reach 1165, but instead between 1136 and 1145, and still resolves between 950-980 (depends on how you draw the lines) area if it were to play out. The bull case is that we held the trend line from '08 as well as the 38.2% fibo-fan. The '08 trend line is important to me because it's where I view the bottom of the trend be. I think as long as we are above that level we are ok, but not out of the woods. We've caused some serious technical (and psychological) damage to the market and as a result we've reached 3-year highs in bearish sentiment which often times should be treated as a contrary indicator (at least in the very short-term)...from extreme euphoria to major depression in just 2 months time. Apparently some of the withdrawal symptoms from Sugar High addiction creates violent mood swings in the market. Either that or all the daytraders ran out of disco biscuits and are gacked out on the sofa, leaving the market is disarray.

A move above the 1150 area will likely result in push to the 1200 area and possibly re-test the highs. The onus is on the bulls because there are clusters of resistance above the current level (1107/1117/1128/1136/1145) which will bring high levels of price friction. The market has rejected 1105/07 twice and it's imperative that the bulls be able to push through now (1104 as of this writing).

E-wavers are more than likely debating (with 5 or 10 alternate counts on each side) over whether or not we have completed the correction and back towards the Obama double of 666*2 (not impossible, please consult the Laszlo/Biggs Tandem in your nearest octobox)? Perhaps that was just an intermediate A and we are now in the B up before C down to 950? Or maybe that was a intermediate i of v of Primary wave 5 down to S&P negative pi. Then again, it could be a baby minuette, grand-supercycle, minor wave 5 of primary-major W double-zig-zag, sub-fractal (iii) which would land us near S&P 1999? Who will be right? Probably 1/3rd of them.

I'm personally wanting to see how things play out at 1136/45 because that's where the shenanigans will take place with the squeeze zone just above there. With only tactical trades here and there I remain non-committed to either direction. If anything the fundamentals have taken a change for the worse after having failed to crest above the dog-crap level for the last year. It's going to take additional policy measures to spur more artificial growth.

In a previous post titled 'This Market Is Junk...No Really" it was noted how highly correlated High Yield and the S&P were . Since that post JNK managed to make it to the first of the 3 lines before turning down, along with the market.

The purpose of this post is to illustrate how disconnected these two have become over the past few days. I'm probably the last person you'd want to ask about the credit markets but I will go out on a limb here and say that if high-yield doesn't re-establish correlation on the upside then this rally will peter out sooner rather than later. Also, as others have pointed out, the Euro has decoupled from our indexes but so far has managed to hold the key level of 1.212 as a result of blatant Central Bank intervention in the currency. Despite two interventions occurring at this key level we've seen zEuro stay under pressure and has tested this level three times as of today (triple bottoms are as rare as a peaceful day in Afghanistan). Soros might be one-upping himself and instead of taking down one Country he's going for the entire continent this time.

The market chop should continue as [forced] de-leveraging takes place as well as a lot of participants have found themselves trapped and will use higher prices to get out.