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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
  • Update: CMG, F And JDSU All Showing Weakness 0 comments
    Jul 23, 2012 10:05 AM | about stocks: CMG, F, JDSU

    It may be a happy season for shorts. CMG took a steep leg down on Friday, further cementing the breakdown from a 6 year rising wedge. I suspect that there's more downside, though I don't have a strong opinion about where support lies.

    Two of the Head and Shoulders patterns that I pointed out a month or two ago are breaking under their necklines. Ford (NYSE:F) appears to have done so already, although there may be some support around $9.

    JDSU also appears to breaking under the neckline of its 3 year old Head-and-Shoulders pattern.

    Both would appear to be decent short candidates.

    Disclosure: I am short F, CMG.

    Stocks: CMG, F, JDSU
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