STOCKS - ACTION ALERT- BULL (Into the Fall)
Things aren't looking too good in 'River City' (from 'Music Man' fame). I previously told you that I was looking for the upside gap in the S&P 500 around 1335 to be filled and that coupled with a Leibovit Negative Volume Reversal turned me cautious late last week. At that time I recommended a double-inverse ETF play for Platinum subscribers. It appears jumping back on a BUY (BULL) signal (June 29) from my previous SELL signal was premature. If the S&P 500 cannot find support here in the 1330s, I'm afraid we're looking a possible retest or break under the June 4 low at 1266.74. Volume is negative.
Yesterday, San Bernardino (without a lot of fanfare) announced it was going to seek bankruptcy protection - the third California city to do so in the past month. Do you think the average person on the street cares or even the so-called sophisticated Wall Street trader or investor? There is an eerie complacency out there. It's really scary. Could another 'Flash Crash' be lurking around the corner? If the banks can be bailed out, why not municipalities? That must be the mentality. Bernanke and gang released the minutes of the recent Fed meeting and it showed little urgency for a QE3. The problem, of course, is that QE3 or QE10 won't solve the problem. All it will do is put more cash into the hands of the bankster vermin and drive stock prices higher. It will do little or nothing to solve the huge debt bubble and certainly won't help the arrogant sense of entitlement that exists in the this country and the Western world. Until we're ready to follow the path of Iceland and disavow the banks and the debt and, yes, that means bond holders and creditors will lose money, others will lose their homes, but until that occurs fiscal Armageddon remains waiting for us around the corner. We're seeing it the bankruptcy of American cities. We're saw it at MF Global and now at PFG. We're seeing it in frustration of our young people who can't find jobs, we're seeing it in the eyes of the baby-boomers and elderly who see much of what they've worked for and earned being taken from them. Pumping the Dow Industrials to new highs will make the fat cats feel better, but will do little to help our nation.
Mark Leibovit's Gold Letter, # 1 Gold Timer for 10 year period & #2 Gold Timer for 2011
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