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Archive for November, 2009
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November 30, 2009


My apologies for being MIA most of this trading session but I have been working. Today’s tape has kept us in the sideways grind we’ve been enduring for weeks now. A hard run up followed by a sell off, followed by sideways action and as I’m typing this the tape is pushing back up again hard. Seems any remaining fear among investors has quickly dissipated – plus poor ole’ bucky just keeps asking for punishment. Time for a wave count:

What’s mostly important about this chart is that we have remained below the lower boundary of that channel going back to early August. Should we drop from here (orange) a lot of support awaits around the [...]

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November 30, 2009

Living Inside a Broken Clock – Monday, Nov. 30, 2009.

Japan has decided to make public that they MIGHT try Quantitative Easing again. China is hitting back verbally at the world which wants China to stop their “beggar thy neighbour” policy (weak currency and economic growth from resulting exports). Creditors everywhere assume that Abu Dhabi will underpin Dubai’s financial debt (although Dubai gov’t will NOT back the Dubai World debt).  US Treasuries are still seen as a safe haven, and the USD continues to be kicked while it’s down. Is this a fair assessment of the situation?

I see trade wars brewing, a race to the hyperinflationary finish line, a weaker USD – and yet GOLD falls as well. Welcome [...]

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November 29, 2009

Slippery Slope (snowpack list of eligible shorts)

Michael Davey (CD) here…

The UAE has saved the planet this weekend, coming to the aid of a troubled Dubai World (pictured above).

I for one am really pleased, since I couldn’t understand how such a distant, seemingly insignificant default in the Mideast could ski-rope the global markets by the neck and pull it off the mountain.


Personally, I don’t care in hoot’s hell what the catalyst is. If I sneeze and my arm falls off, then I know I’m coming down with a cold, sure. But that’s got to be the good news, right?

Futures are higher tonight and the potential for a reasonable gap-up for equities is strong. [...]

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November 28, 2009

Chart Medley

In preparation for next week I think my intrepid stainless steel rats need some low carb & high protein charts to sink their teeth into:

If you have never heard about the II Survey: Each week the service Investors Intelligence surveys some 140 financial newsletter writers to determine whether they are leaning bullish or bearish in their opinions to subscribers. The resulting Investors Intelligence Survey compiles the data to arrive at a weekly percentage of bulls v.s. bears. The Survey is considered a contrarian indicator, since extremes in either direction are signals of reversal of the market’s current trend. We like contrarian indicators – that’s [...]

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