Published on my most recent birthday, I am re-printing this here so as to be certain to have a link to it as the shit hits the fan in the coming months.
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Inside The Great American Bubble Machine
Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression
In Rolling Stone Issue 1082-83, Matt Taibbi takes on "the Wall Street Bubble Mafia" — investment bank Goldman Sachs (click here to read the whole story). The piece has generated controversy, with Goldman Sachs firing back that Taibbi's piece is "an hysterical compilation of conspiracy theories" and a spokesman adding, "We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good." Taibbi shot back: "Goldman has its alumni pushing its views from the pulpit of the U.S. Treasury, the NYSE, the World Bank, and numerous other important posts; it also has former players fronting major TV shows. They have the ear of the president if they want it." Here, now, are excerpts from Matt Taibbi's piece and video of Taibbi exploring the key issues.
Tuesday, December 08, 2009
TZA 60 minutes
Are any of you getting this chart on your own charting platforms, or are you relying on me to update this system? Two more days and this system turns 30 days old. Time to move on, or is there a compelling reason to stick with it?
Monday, December 07, 2009
GLD - 34 min
Earlier today I posted a couple of GLD charts for prespective on what could be a major trend change in process. Below is an intraday 34 minute chart for further clarification and a potential Advanced GET Type #1 mechanical trade set-up:
Wave 5 Sell Signal Set-up
I am substituting an ATR Sell signal for the more orthodox Wave 4 trend channel break to trigger the Short here. In other words, a drop below 112.95 on GLD will suggest new lows for this move. A break above 116 instead suggests my head is up my ass on this one.
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TZA - Hourly
By now all should undertand this chart and the meanings of the 11.06 and 10.96 price levels
Sunday, December 06, 2009
Saturday, December 05, 2009
MAJOR BUY SIGNAL - US Dollar
The above chart of the US Dollar reveals a Major Buy Signal, basis the Daily chart. This is an Advanced GET "Mechanical Trade #2" which requires five waves down accompanied by a divergence in the Elliott Oscillator (lower indicator window) and finally a trade trigger generated by prices breaking out above the downward sloping Wave 5 trend channel.
The triggering of an ATR Buy Signal at the close of trading Friday pretty much confirms the entire set-up. Only a reversal below Friday's lows in the dollar would negate the set up and the confirmed Buy. In other words, there are now overwhelming probabilities of an Intermediate Buy in US Dollar, but with a defined exit if prices move lower.
The snippet embedded in the chart is from latest issue of EWl short-term update published after the close on Friday (links all over my blog for EWI freebies and subscription services). Their message is that everything priced in dollars is about to or has already reversed from Long to Short. Included are gold and silver, oil, hard assets of any kind and global equities.
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