Downtrend lines broken…

Posted on Dec 01, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p18894193176&a=214966864

Although it appears that nothing happened last week except kabuki shows in Washington something did happen.  Of course the market showed its anxiety by popping up and down according to statements by the House Speaker or the President.  We regard these somewhat the same way we regard the clowns in the circus.  Amusing but of little value.  We think the inevitable is going to happen -- taxes are going up.  Yawn said Warren Buffet -- no real entrepreneur will give a damn.  And he's right.  It's just a change in the playing field.  But news hounds seize it as a pretext to drive the market.

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