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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
  • Emerging Markets: Hello Resistance! 0 comments
    Apr 4, 2014 4:18 PM | about stocks: EEM, EWZ, EWJ, JJC

    Emerging markets have had a very rapid rise of late. But it appears the run to daylight has come upon darkness. Both collective emerging markets (NYSEARCA:EEM) and individual ones, like Brazil (NYSEARCA:EWZ), have hit resistance trend lines and reversed. First, EEM:

    (click to enlarge)

    EWZ's very rapid ascent appears to have hit an obstacle.

    (click to enlarge)

    Japan (NYSEARCA:EWJ) is already in a downtrend, but it too hit resistance this week.

    (click to enlarge)

    A commodity often associated with emerging market growth, copper (NYSEARCA:JJC), also appears to have hit resistance. It fell through support on a 4-year bearish falling triangle last week. This week provided the obligatory bounce and re-test. It looks likely to fail at the moment, and we'll see if new lows confirm that read.

    (click to enlarge)

    With so many of the high-momentum leaders having fallen way off their highs, it's possible that the long-awaited top has arrived. Have a great weekend, all.

    Stocks: EEM, EWZ, EWJ, JJC
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