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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
  • What Says Copper About Global Growth? 0 comments
    May 9, 2013 2:50 PM | about stocks: FCX, JJC

    Yesterday, I posted charts on JJC and FCX - two equity options that roughly track copper. Both have multi-year Head and Shoulder formations in place. Both violated bottom support and have bounced back above both the neckline and even their short-term downward trendlines. So was the breakdown a "head fake"… will copper continue to rally? I don't know. However, I do think that Copper futures perhaps give us a better read on copper. It is a cleaner chart. Copper futures (/HG) also has a multi-year Head and Shoulders in place, and also formed a multi-year pennant (like JJC). However, the futures never violated the neckline. Copper futures have rallied back to old support in its pennant pattern - where it should find resistance.

    (click to enlarge)

    This is the chart I will be watching to get better read on FCX (which I am current short).

    Disclosure: I am short FCX.

    Stocks: FCX, JJC
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