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From: Rarebird	9/23/2010 9:19:51 AM
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Transcendental Market Truths: The Market: The large H&S pattern on the SPX appears to have finished its right shoulder yesterday. The right shoulder peak at 1148.59 was almost equal to the January left shoulder peak of 1150.45. And, there is, of course, the April head of 1219. One way to target the next low is by assuming the rally in the right shoulder will be half of the decline to come. That targets 873 for the next low in the SPX. No guarantees, of course, but it points out the possibilities here - and the risk of remaining long the stock market. McClellan Oscillator: Matt Trivisonno shows that a "head and shoulders" top pattern just like January's appears to have formed on the McClellan Oscillator: trivisonno.com Gold: While the masses huddle into gold as a refuge, the miners are diverging bearishly even on the short term money flow. Gold is only a temporary refuge. While gold may be a very long term store of value, it has never been a medium term store of value (ask anyone who bought gold in 1980 at $850 per ounce and who would have to see the price of the yellow metal more than double to even break even on an after tax, after inflation basis). Some hold out hope that governments will return to the gold standard, but it just isn't going to happen. No sovereign nation will willingly give up the right to print money. When push comes to shove over the next few years, the big winner will be the US Dollar, which will prove to be the ultimate safe haven and store of value. Shanghai Market: The Shanghai Index has been moving lower even as many other markets are celebrating the recent pickup in consumer buying activity. I'm not counting on China saving the world. Bottom Line: Just think for yourself and become self-reliant.

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