Gang Of Eight Disgorges Draft Immigration Bill
Early Wednesday morning, the so-called “Gang of Eight” — United States Senators Schumer, Flake, McCain, Menendez, Rubio, Graham, Bennett, and Durbin — released the text of their 844 page immigration bill. Among other provisions, the bill would give legal status and a pathway to citizenship to the estimated 11 million illegal aliens living in the United States. The Senate Judiciary Committee is scheduled to hold hearings on this bill Friday. If the bill passes the Senate and then the House of Representatives, and is signed into law by President Obama, it may have far-reaching consequences for the US economy. In this post, we’ll look at the potential political and economic impact if this bill becomes law, and then we’ll look at how it could affect a few specific companies. (more…)
Although it took over two hours of analysis and to annotate these charts, with a few clicks of the mouse you should be able to travel around the world to view nearly all of the major global equity indexes from a technical perspective in under a minute. All of the indexes below are shown with the daily time frame chart first followed by the weekly time frame, except for the $HKHS, in which the weekly chart was substituted with the more significant monthly chart. The following indices are shown in this order: $SPX (S&P 500), $TSX (Toronto), $BSE (Bombay), $SSEC (Shanghai), $HKHS (Hong Kong), $NIKI (Tokyo), ($DAX (Frankfurt), $CAC (Paris), and the $FTSE (London). (ProTip from Tim: right-click your mouse over any given thumbnail so that the image shows up in a separate tab).
That was the question I asked myself after being 100% cash into the last hour yesterday and seeing the bottom fall out on the gold stocks once again. Classic trading methodology teaches that you do not try to catch a falling knife. ‘Screw classic trading methodology’ thought I, ‘I’m taking some positions’, which ended up being in the gold and silver bullion fund CEF (now selling at a discount), a few individual items I consider to be of relative quality and the leveraged NUGT in a high risk trading account. (more…)