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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
  • Key Support Being Tested 0 comments
    Apr 15, 2014 12:27 PM | about stocks: SPY, SSO, SDS, JNK, HYG, IWM, RWM

    Key support is being tested across major U.S. indexes.

    The S&P (NYSEARCA:SPY) is flirting once again with a supporting trend line from the 2009 lows. The line has been briefly broken at times, so I would want to see a solid break over multiple weeks before being fully convinced that the uptrend is broken.

    (click to enlarge)

    Small caps (NYSEARCA:IWM) have significantly underperformed the broader market of late. It broke under a smaller rising wedge last month, and is now hitting a support line that dates back to the 2009 lows.

    (click to enlarge)

    Perhaps the most interesting evidence of market support is the resilience that junk bonds (NYSEARCA:JNK) continue to evidence.

    (click to enlarge)

    Disclosure: I am short IWM.

    Additional disclosure: I am also long RWM calls.

    Stocks: SPY, SSO, SDS, JNK, HYG, IWM, RWM
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