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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
  • CMG Breakdown Update... Nearing Short Term Support? 1 comment
    Jun 28, 2012 12:51 PM | about stocks: CMG

    A month or two ago, I noted a breakdown in CMG from a 6 year old rising (bearish) wedge. The last couple days have seen the breakdown accelerate... right into support. In the longer term, I view the drop as validation that there is likely a good deal more downside to come. However, in the shorter term, CMG would seem due for a bounce off support. It is nearly upon both its 200 day moving average and the bottom of a rising channel that has been in place over the last 2 or so years. You could even draw a trendline through the repeat top of late 2011 and it extends to the same area. It would appear to be a likely place for bulls to make their big stand.

    (click to enlarge)

    Disclosure: I am long CMG.

    Stocks: CMG
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  • FWS
    , contributor
    Comments (136) | Send Message
     
    Very ST support. No central banks will be able to stop the financial mess they have made. We are all headed for a black hole.
    29 Jun 2012, 07:21 AM Reply Like
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