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Pastimes : The Philosophical Porch
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From: Rarebird2/24/2010 9:03:27 AM
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Transcendental Market Truths:

The Market:

It's going to take a very long time to clean up the mess the banksters made and it's going to take a lot of government confiscation of private wealth in order to make the power elites whole again. At some point, I think it's very likely that the people are going to stand up and just say no to government confiscation and the transfer of wealth from the middle class to the nobility (or garbage) of America.

The recognition of what dire shape this country and many others are in is gradually beginning to dawn on the crowd. When the government runs out of credit, they turn to the citizens. Chances are that many other sovereigns will fall before the US meets its fate. As those other nations fall, flight-to-quality rallies into the US Dollar should continue to pump its value higher - even if our Killer Presidents (Obama/Bush) would prefer seeing a weaker dollar to boost exports.

SemiConductor Sector:

The SOX Index broke down from its short term uptrend yesterday and fell hard. Wave personality applies here: strong uptrends do not see such patterns.

That's why I suggest (for the most part) playing the long side only on a daytrading, close stop, basis. With the Primary Trend down, there's no reason to risk large amounts of money on rallies which are doomed to be retraced in the future.

EUR/USD:

The Euro has been trying to put in a base, but so far appears to simply have entered a short term trading range from which it will ultimately emerge on the downside.
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