The common thread with Watergate we have been hearing of late all too likely is being spun by imperial moles within the intelligence community to be sure.
The real tip off here is AG Holder's claim AP has endangered American lives with its reporting. Oh yeah? What about the hundreds of millions of Americans whose livelihoods have been sold down the river in the imperial globalization scam? How about the tens of millions swindled into a debt trap from which hope of escaping is fast diminishing in a collapsing physical economic environment? Let's not forget the millions over the past several years whose homes have been stolen, either! What say ye, oh AG, of the pensioners whose fortunes now are at risk in a casino perpetually on the verge of going bust, this being exposed for all to see by an insolvent Federal Reserve's infinite QE? How about the fact the casino also must launder hundreds of billions of dollars per year amassed in the illegal drug trade in order to stay afloat? What of the countless young lives being destroyed by this? Does this somehow make their increasingly unemployed status more bearable, as the problem now can be claimed their own fault for having made bad life decisions?
Well, clearly, that the covert op targeting AP has become public knowledge—it's doubtful this exposure was intended—certainly says something about a brewing war within the intelligence community pitting incredulous patriots (let's hope anyway) against slimy moles working for bankrupt oligarchs. This intensifying turn of nastiness—a different kind of explosiveness, but dangerous nonetheless—simply cannot be a good thing for suckers who see a rising stock market from here to eternity.
Let's go with the above Elliott wave-based possibility applied to the NYSE Composite Index supposing that, a "zig-zag" up from early-October 2011 bottom is completing, with 5 waves up from mid-November 2012 forming the zig-zag's wave c just about reaching their end. Indeed, this broadest of market measures has displayed typical technical dynamics accompanying component waves of a 5-wave advance, unlike those more narrowly based measures like the S&P 500, for example.
Remaining to be seen, then, is whether the NYSE Composite's 3-wave advance off its early-October 2011 bottom completes the second a-b-c of a "double zig-zag" up from March 2009 bottom, or forms wave b of (b) of B (with wave B forming since March '09 and wave (b) since February 2011—see Monday's discussion). In either case the possibility of a chaotic decline taking out March '09 bottom over coming weeks certainly remains on the radar. This possibility furthermore is heightened by the fact the NASDAQ Composite appears to be completing wave B of an a-b-c corrective wave forming off its March 2000 peak (see last Friday's discussion).
We are unmistakably seeing different Elliott wave views across the various major U.S. stock indexes. Above, one of the broadest measures is seen prospectively registering what could prove a very major top. Likewise do we see this, too, per the NASDAQ Composite Index. Yet per the Dow Jones Industrials Average and the S&P 500, an Elliott third wave's typical dynamism appears more acute. The technical configuration accompanying each index's respective 5-wave advance off mid-November 2012 bottom—this in both cases forming an Elliott 3rd wave—suggests these more narrowly based measures still are some way from completing, at least time-wise. Quite the contrary appears the case, though, per the NYSE Composite Index, as we can see above.
What's "curious" about this to be sure is, and has been for a long time now, the NYSE's cumulative advance-decline line, which since March '09 bottom persistently has been in "Mmmm, yummy garbage" mode, scarcely missing a beat and behaving as though the NYSE Composite were double its October 2007 record high. "Something's just not right" is conclusion this disparity still brings to mind. Typical Elliott "b" wave character is, and has been for a long time now, vividly displayed on this account. Likewise, should the NYSE Composite in fact be registering a major top at this early juncture (relative to more narrowly based measures), all the more will objective evidence indicating "something's just not right" be in place, how ever "subtle" this additional facet substantiates that very conclusion.
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