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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 step... More
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Playing the Ponzi
  • Dream Of Fed Intervention Trumps Real Data 0 comments
    Oct 15, 2012 11:02 AM

    It's been kinda funny watching the market roll over the last couple of weeks, having peaked the day after QE∞ was announced. We have seen genuinely good news over the last few weeks - a couple of positive jobs numbers that beat expectation, and a good retail number that beat expectation this morning - and each "positive" report has been met with selling shortly thereafter. Real good news is proving less potent than the promise of forthcoming Central Bank intervention. Now that Bernanke has fired the bazooka the market is unimpressed by decent actual data.

    (click to enlarge)

    Both High Yield and Emerging Markets have held up okay in recent weeks. Let's see if their recent strength with serve as a cue that the S&P can hold the 50 day.

    Disclosure: I am short QQQ.

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