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First off, I view the entire monetary and financial system as something of a Ponzi scheme. Starting with currency that is debt, and running straight though a global economic model that is based on a premise of infinite growth in a finite world. This won't end well. I'd go a step further and... More
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New Power Media
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Playing the Ponzi
  • S&P breakout... or head and shoulders? 1 comment
    Jul 1, 2011 3:54 PM | about stocks: SPY

    The S&P put a positively vicious rally onto the chart this week.  It broke handily above its downtrending line of resistance in the process...

    So that's good, right?  Maybe.  Or, it may be that a Head and Shoulders is forming...

    The S&P formed a clear Head & Shoulder last summer, and actually broke under the neckline before regrouping and rallying to new highs after Helicopter Ben declared the arrival of QE2.

    It's worth nothing that the Emerging Markets have the same setup as the S&P - breakout above the trendline this week, but back into Head and Shoulders territory.

    Stocks: SPY
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  • karl_seeking
    , contributor
    Comments (76) | Send Message
    My friend also recently picked up on that head-and-shoulder pattern that may be developing. He noted the VT (world ETF) has a strong illustration of the H&S pattern. Today's gap-down my confirm the H&S pattern? Today's close will be interesting....
    8 Jul 2011, 10:34 AM Reply Like
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