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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
  • U.S. Indexes Rising Wedge Update 0 comments
    Mar 27, 2014 3:27 PM | about stocks: SPY, IWM, SSO, SDS, RWM

    U.S. indexes have pulled back a bit in recent days. There isn't really anything new to report, but I thought I'd update the way I see the charts. The S&P (NYSEARCA:SPY) is still in the body of a multi-year rising wedge. It has pulled away from overhead resistance, and has rising support around 1800-1820. Until that support is broken, I am trying to keep my bearish sentiment constrained.

    (click to enlarge)

    The Russell 2000 (NYSEARCA:IWM) has exploded higher over the last year. It has broken under a smaller rising wedge, but looks to have support about 4% below the current price.

    (click to enlarge)

    In the short term (and very long term), I have a bearish outlook for domestic equities. However, the charts are far more appealing in many commodity sectors and emerging markets.

    Disclosure: I am short IWM.

    Additional disclosure: I am also long RWM April calls

    Stocks: SPY, IWM, SSO, SDS, RWM
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