Aw, forget that. Just too many misrepresentations and outright lies meant to freeze foreign holders of dollar-denominated debt in the headlights of an approaching freight train. Besides, when "uncertainty in Europe" plays second fiddle to "federal fiscal policy," you can be sure the band leader is a fascist whose seditious agenda plays to a domestic audience likely including many who signed the post-election petition seeking New York's secession from the Union. As crazy as such a shocking initiative as that no doubt is, its sudden appearance on the American stage certainly goes a considerable distance toward substantiating my view that, the political destruction of the U.S. constitutional republic is in fact on the table.
It goes without saying the Fraud Chairman is a Team player, too, given his ringing endorsement of Europe's inexorable drive toward a banking dictatorship which he cited as being the right policy prescription for a continent whose financial regulatory authorities indisputably have displayed even more criminal incompetence than the Fed. One can only hope both Bernanke and Geithner find wisdom holding their breath waiting for the German Bundesbank to goosestep in unison with the U.S. confetti brigade.
(Tonight's usage of the word "confetti" courtesy of Jim Grant.)
Bernice's Q&A if you're either interested or ready for a nap.
The market's leap higher since Friday might at first glance suggest an Elliott "rising wedge" forming off early-October 2011 bottom still is a living possibility. Yet the NYSE McClellan Oscillator is not concurring with this prospect on two counts.
First, no positive divergence was registered prior to Friday's turn higher. Yet both at early-October 2011 bottom and early-June 2012 bottom such a positive divergence in fact was in evidence.
Second, the Oscillator's momentum (bottom panel) remains negative. You can see for yourself what this has meant over the past two years. The market indeed remains vulnerable given its internal condition as presented by this measure.
Now, I would not be surprised if this week closes out in a manner extending today's suspended animation. Insolvent banks, having received word from the Fraud Chairman that, his bag of tricks will not open for a Congress whose "unsustainable spending" otherwise has saved the Fed's bankrupt ass, likewise have squeakers in the media to cheer on a hoped-for Black Friday surge in spending, this at least serving to buy time enough to create the churn necessary to cover the cost of yesterday's CME-goosed short squeeze.
Then again, the unfolding "fiscal cliff" drama rather might be manufacturing cover—providing the "why"—for unloading shares whose gains very well could face higher tax rates by year end, now that several leading Republican Senators who signed Grover Norquist's "no new taxes pledge" are recanting. Never mind other possible reasons like, for example, Madame Lagarde winning the day per Greek debt write-down and sending the European banking system into a tailspin, or the circles of purged warmongers from the U.S. military going rogue and, say, blowing up the Middle East.
With all these figures removed, it is likely to be more difficult for Israel’s Netanyahu to launch his war against Iran in the way that had been planned. He has therefore fallen back on the option of starting a smaller war in Gaza as a means of stabilizing the US-UK-Israel war party while other options are sought. The rogue network, now a wounded beast, must be counted doubly dangerous.
—"Coup and counter-coup in Washington" (Press TV, 11/19/2012)
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