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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
  • S&P Grinds Higher 0 comments
    Feb 14, 2014 9:55 PM | about stocks: SPY

    The equity market (NYSEARCA:SPY) bounced off of its long term support earlier this month and has ripped higher. It has pushed past where it would have needed to stop for a "Head and Shoulders" pattern. Next resistance would appear to be the previous highs (1850ish on S&P) and then trendline resistance (1880ish). The bearish "rising wedge" that has formed over the last 5 years remains intact. Though it appears to be near the end, the chart has room for another year or so of gains before the lines actually converge.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY
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