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Playing the Ponzi
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Why “Playing the Ponzi”? I view the entire monetary and financial system as something of a Ponzi scheme. Starting with currency that is created as debt, and running straight through a global economic model that is based on infinite growth in a finite world. This won’t end well. I’d go a... More
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Playing the Ponzi
  • Markets Poised To Push Even Higher? 0 comments
    Sep 7, 2012 11:50 AM | about stocks: FCX, QQQ, DBC

    It sure feels like the floodgates are about to open. With gold and silver exploding higher and Central Banks promising to flood the world with liquidity, it feels like "risk" asset prices are poised to push higher. All that said, there are a few charts that appear to be near resistance points. It's reason enough give me pause, if just for a moment...

    Nasdaq's QQQ appears to be at the tip of rising (bearish) wedge:

    (click to enlarge)

    Commodities (with DBC as my proxy) are also testing falling trend line resistance:

    (click to enlarge)

    And finally, FCX, a gold and copper miner which can be a useful indicator of global inflationary pressure, is also testing falling trend line resistance.

    (click to enlarge)

    Break though's to the upside of these charts would appear to confirm the extreme bullishness that has swept equity markets in recent days.

    Stocks: FCX, QQQ, DBC
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