Yesterday - yet another - ramp was sold by professional participants and bought by amateurs. This is classic behavior and combined with overthrows (including on the dollar)…Additionally, the EURO hit major weekly resistance. I will update shortly with some charts - I have been rolling out new systems and do not have time to post more right now.
As Gold is debased and commodities founder in general…where is stability going to be found? US Treasuries and Cash - that’s where. This market is a pure disaster having driven the bus into the wall and now proceeding through the slow motion effects of a Hollywood dramatization as the Bus and Wall crumble…the old bus was never intended to drive at 100mph because we know the wheels come off at 55 - but the Ben and Mario brother’s theory is that is you drive the bus fast enough people won’t notice the missing wheels and momentum has a chance of holding the bus in tact in its confrontation with the wall…
Canada and many European charts are showing dramatic weakness. In fact, quite a lot of european indexes have already broken their rising wedges to the downside. I still am amazed that deleveraging of the most insolvent institutions in financial system in Europe and the Ben and Mario brothers were able to push the markets to heights which will only exacerbate the disaster that is coming.
I use Multicharts Charting and Backtesting Software.
I post high resolution charts made with Multicharts and Adobe Illustrator. Click on chart for a more detailled view.
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