I will be posting some charts to go with this…but I wanted to reiterate the contractions of the era. We have an insane criminal, Ben "Pinnochio” BURNanke, running the largest hedge fund in the world out of FED headquarters in Washington DC and trying to coverup the biggest banking crisis in world history, we have stock valuations through the stratosphere, we have gigantic parabola with ever contracting volatility in US equity markets, we have revenues declining consistently for companies for whom earnings have been rising because we have borrowing for share buybacks and dividend payments at disastrous levels, we have every person on the face of the earth knowing that the US stock markets can never fall, we have every retail investor aware of the ridiculous returns occurring with stocks, we have the most ardent bears and bear technical analysts all sure the market will make new highs to 1,800, 1,900 and even 2,200, we have the same insolvent financial system, GDP is being revised lower, unemployment is horrible and while Oil is ramping gas at the pump has barely budged…Detroit actually files bankruptcy as US get upgraded by Warren and friends but while many other cities teeter...we still have the same problems in China, Europe and South America that have all gotten worse…much worse, we have bubbles everywhere for irrational reasons in any asset that has even a whiff of capability to sustaining one…we have incredible shrinking amounts of tradable and collaterizable securities thanks to global central bank manipulation of open market assets…and the market can NEVER crash because BURNanke is god…
Technical analyst blogs and especially Elliot wave blogs that have been bears are now “terrified" by 10 point drops in the S&P500 and pointing to ever higher levels in the 4 − 5 to infinity count…We have NASDAQ 100 at HUGE resistance and failing and many other markets in similar shape…I think when a post mortem is done, these timea will look very different in the mirror...
