Archive for November, 2011

Pay attention. Near 3% day in the SPX

Posted on Nov 29, 2011 by .

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A near 3% day in the S&P will tend to get your attention.  It got ours and we lifted our trading hedge, leaving us long the SPX. The downwave –up to now — didn’t trip the stop at 1131.

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Making fun of….

Posted on Nov 27, 2011 by .

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We were trying to decide who to make fun of today–thinking especially of Friedman and Laffer and other unenlightened economists.  Especially after reading Shiller in the Sunday Times  — who rightly warns of the corrosive effect of long term  unemployment and argues for government programs to address the problem.  Government?  Oh yes that was government that Grover Norcross just drowned in the bathtub.

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The season of giving…

Posted on Nov 22, 2011 by .

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We  habitually make a donation to the local Foodbank at Christmas. But contemplating the state of the economy and widespread unemployment we decided to make two donations this year one now for Thanksgiving and another at Christmas time.  We strongly urge our readers to do the same.  We noted on the San Francisco Foodbank site that Visa is matching donations.

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The power of triangles — so far…

Posted on Nov 21, 2011 by .

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It is not wise at all to ignore chart formations. The triangle we pointed out as the present dominant formation in the market appears to be working — or wreaking — its power over prices.  Readers have heard us disavow measuring formations over and over and disavow responsiblity. With this disavowal in mind the predicted downwave of the triangle targets 1138.18 — uncomfortably close to our trend stop, but still 7 points off it. That target comes from measuring the depth of the triangle and subtracting it from the bottom of the triangle.

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How the mighty have fallen…

Posted on Nov 20, 2011 by .

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The past six months have been one of the most turbulent experiences of our fifty years in the market.  The volatility, the false signals the naked mud wrestling (not co-ed).  It is no mystery to us why this is so.  Start with one of the historic bear markets fueled by two wars, a historic tax cut, a historic refusal to fund the wars, a historic refusal to take fiscal responsibility, a historic implosion of the housing market, historic unemployment, a historic refusal  to deal with the problem by a dysfunctional congress (except for their ability to make insider trades with impunity).

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