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I guess this is now too close to the previous top of 1850.84 not to re-visit it. I wish it would do it and stop friggin about. Get the double top done then it can drop with a clear conscience 🙂
Typical thrashing about OE day, look at Cable for example.
Leaving Ftse short in place.
Have a great weekend guys.
Never give up, never surrender.
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<b>”On the fundamental economics front, the Housing market is struggling badly. We learned in the past few weeks that Existing Home Sales fell 5.1 percent in January, the fifth drop in the past six months, and came in at the lowest annual rate in almost two years. Further, New Home Construction fell 16 percent in January compared to December, the largest decline in three years. Further, New Housing Permits fell over 5 percent. Then we got the report that Homebuilder confidence fell 10 points to a 46 reading in February. Above 50 means an expanding market, below 50 means contracting. Further, mortgage applications fell 4.1 percent. This makes the point that there is a disconnect between the real economy (Main Street) and Wall Street. The stock market is not the real economy. The Fed’s QE programs are not helping mainstream America. They are helping Wall Street banking houses. We saw a Gallup poll last week that said the number one concern of Americans is unemployment. That flies in the face of the Labor Department’s parade of bogus declining unemployment statistics reported the past year. The economy is headed for a smash up. Infrastructure is in dire need of replacement. The Fed is printing money, but not for roads, bridges, communication lines, railroads, water lines, sewer lines. The Fed is printing money, but not for a massive economic stimulus income tax rebate to help households and small businesses. The Fed is printing money, but not for lower down payments on mortgages to stimula te housing. Nope.</b>
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<b>The Fed is printing money to buy securities from Wall Street which is taking the money and boosting stocks. However, the massive Jaws of Death stock market pattern shown on page 27 in this weekend’s report is telling us that of all the money that went into the stock market the past decade, well, most of it is going to be wiped out in a powerful and lengthy decline, meaning all the Fed’s horses and all the Fed’s men will not be able to bring the stock market back up together again, and trillions of freshly printed dollars will go up in smoke.</b>
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<b>When this happens, there will be no bridges to show for it, no new highways, no new railways, no new energy pipelines, no new water lines, nor sewer lines. No net new jobs, no net paybacks of household, small business, local and state debt. Only the memory of a five year stock market bounce will be left to show for the Fed’s past decade massive inflationary policy (where the prices of necessities, services and luxury products doubled and tripled). What a colossal waste.”MCH.</b>
Stocks and gold up …. just waiting to see which elastic band breaks first 🙂
Atleast we got a Ftse dip in earlier.
Never give up, never surrender.
Have you seen the long term Jaws of Death Mike. Thats your sort of trade. Short here at 1850 odd and close at 600 :p
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