"It’s worth noting ... that when filthy rich market speculators were in the past celebrated for their brilliance and extraordinary market acumen – well, it proved a decent juncture to start worrying about the future. This spectacular cycle of speculator wealth accumulation has been going on for so long now that everyone has simply stopped worrying."Well, not "everyone" has stopped worrying. Not here anyway. Likewise, a perfectly unsustainable financial backdrop ripe for manufactured swindle will be ignored at the peril of "filthy rich" market speculators to be sure. Indeed, we might cite notably suspect internal dynamics accompanying the market's advance since mid-November 2012 presented by a persistently muted NYSE advance-decline differential as indicating that, even so called "filthy rich" market speculators, the likes advising shorts "have a shovel to get out of the grave," are being played like a fiddle, much like those in the U.S. intelligence community who are not among moles on a decades-long mission subverting the American republic, specifically, as well as institutional arrangements supporting a system of sovereign nation states more generally. Pope Francis certainly knows what's going on and is quite worried, as well.
—"Financial Euphoria" (Credit Bubble Bulletin, 5/17/2013
Make no mistake about it, Team Fraud has plenty to worry about now with increasing pushback materializing in the U.S. Congress. As of yesterday, both houses now have bills before it seeking reinstatement of Glass-Steagall. This development comes on top of Senator Elizabeth Warren's legislation partially nationalizing the U.S. Federal Reserve for the sake of financing the U.S. Department of Education's Stafford loan program—a move effectively acting as a foot in the door to reestablishing the Bank of the United States. Alarm in many a mahogany paneled boardroom housing morally bankrupt representatives of anti-American, imperial interests surely must be developing. As EIR's Jeffrey Steinberg notes, an identical bill submitted to both houses of Congress has "short-term immediate implications" pointing to "legislation intended to be passed and put on the President's desk."
So, let's just say Team Fraud very soon probably will need scuttle the present moment's euphoria in a fit of panic aiming to refocus attention on the otherwise bankrupt financial, economic, social and political agenda its captive interests have been promoting for some decades now. In the case of the supposedly "independent" Federal Reserve a full century of principally inflationary, unproductive credit creation, now off the charts—hyperinflationary—is at stake.
A closer look at yesterday's dissection of the Dow's wave c up from mid-November 2012 finds technical conditions ripe for a turn lower, yet for some days to come still likely only modest in effect. We can look back to the period from mid-March to mid-April for a preview of what's likely.
The dynamism of an Elliott 3rd wave certainly is on display here. Still, slowly but surely it's fading. Likewise, given the technical backdrop leading up to formation of this particular Elliott 3rd wave off November 2012 bottom, we can be fairly confident that, once 5 waves up have completed and another Elliott 3rd wave prospectively takes form, this time down, the typical dynamism of an Elliott 3rd wave will make those shovels billionaire suckers advocate for the bear camp useful for burying the garbage these will find excruciatingly difficult to offload at a profitable price. Confetti's hyperinflationary happiness is on its last leg and Congress evidently perceives this quite acutely, while the "filthy rich," apparently without a worry, simply fail foresight of a future just filthy.
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