SPY, XLY, EEM and currencies observation

FX:EURJPY   Euro Fx/Japanese Yen
79 0 0
Fact: more people on welfare in the US since great depression. More people dropping out of the work force than ever. Middle class economy evaporating quickly. Government might be putting a chicken in every pot again, but there is simply less discretionary money to spend. 75% of US economy is consumer confidence, which is quickly fading to 65%, and then 55%? etc. 1st qtr GDP slump was not weather related, 2nd quarter slight improvement was not the bounce back needed. 3rd qtr, if the numbers don't blow anyone away,. and if there is lower forecasting this week, the media might just have to admit the GREAT DECEPTION is over and the real truth will hit the markets hard. Earnings this week, ebay             especially, could start a downtrend that might cause selling with panic volume this time. Charting... we've had our breather, consolidation, panic avoidance rest, I look for the head and shoulder patterns , which are almost everywhere, to complete down the their necklines, next two weeks. IMO. Trade wisely.
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