Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (111101)	4/29/2010 7:23:34 AM
From: Dan3	2 Recommendations Read Replies (2) of 116555

There's a nascent head and shoulders pattern forming in the indexes' behavior. If we get a strong couple of days, it will be "overwritten", otherwise it will likely be taken by many money managers as a sell signal. If the strength in this morning's futures continues such that it takes us past the 1220 "head" that second shoulder would be overwritten, but if not, it will make for a pretty classic H&S pattern. There's been a lot of talk about Greece's problems, but I think that longer term it's the rise in the price of oil/gasoline/food that's creating a headwind for the economy. Gas over $3 a gallon (and headed higher) will slow everything down. Food prices are also up. There's just too much inflation in basic goods and too little increase in purchasing power to let the economy really take off (which is what's been priced into the markets).

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