I am being facetious, of course. More likely weighing on scamming skimmers is sparse interest from witting dupes, the likes whose continued absence has been shrinking the volume of trade to barely enough now to bank a Chicago minute. The gullible crowd evidently has moved to Snowdenville, where a not so covert financial war with Europe promises to accelerate capital flight needed to sustain the illusion of value in an über levered global casino's principal currencies, notwithstanding these being persistently debased by "regulatory" authorities with all the concern of a mafia family for the broad social utility of their actions. What a mess. Meanwhile, we continue waiting for leaks disclosing who cut the World Trade Center's main support columns. Anything Ed? Cave dwelling, monkey bar climbing, dog gassing rats never passed in my book. Not with the money the U.S. spends on its national defense and intelligence. What's that about "blowback," Glenn?
While the precarious state of various technical measures noted here last week remains relatively unchanged, the present parallel with early-November 2012 noted above lends sight to possibility the S&P 500 is at near-term risk of sinking below its 200-day moving average. Further elevating this risk is the fact that, measures of the market's internal state are in a weaker position now than last November. Most notably are the McClellan Oscillator series and the NYSE Bullish Percent Index.
Now, on the one hand it remains entirely possible a 4th wave of 5 waves up from early-June 2012 is forming off May 2013 peak. Thus might the market's presently weaker underlying technical state rather be a typical manifestation of 4th wave versus 2nd wave dynamics.
However, also possible is the prospective view detailed here Friday, wherein May's peak stands to mark 2013's high. From this peak a decline of considerable consequence could be commencing, with a good bit of time and space remaining before it is completed. Assuming this anticipated decline will unfold in 5-wave fashion, we might expect the 3rd wave [down] more likely to commence once the S&P 500's 50-day moving average has fallen below its 200-day moving average. So, given the market's presently weaker underlying technical state versus last November, imminently in order could be a sharp decline putting the S&P 500's moving averages on a negative trajectory supporting the very reasonable prospect the index falls below 1000 by early 2014.
We might do well here, too, recalling events of Massachusetts Patriots Day and contemplating whether Anglo-American intelligence-linked scoundrels animating Snowden might have something up their sleeve awaiting Independence Day on Thursday. Maybe a "Red Brigade" citing rationalizing their spying and complicating Putin's desire to silence Ed? Anyway, heads up...
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