Further to my UPDATES noted on my last post, a massive Head & Shoulders pattern has formed on this GBP/USD Monthly chart…catastrophe awaits as price flirts with the neckline.
If the whole “Brexit” nonsense has you itching to trade something UK-related, allow me to introduce to you an ETF with the world’s most comic ticker symbol…….
Unless you’ve been sleeping under a rock (actually, more like a very large column of rocks), you know that the big “Brexit” vote is this Thursday, and we’ll have results here in the U.S. late on Thursday or in the very early Friday hours.
I have one very simple, whiny reason why I’m sure it’s going to fail: because nothing cool every happens anymore. Not ever.
Remember all the stink that ZeroHedge made about the “Grexit”? Frankly, I don’t even remember how that turned out, although I vaguely remember that Greece, did, in fact, vote to ditch Europe, but within days it didn’t make any difference. Suffice it to say, the entire Greek hoo-ha was a tempest in a teapot, and that’s probably overstating it.
I guess my prediction that DXJ would fall (made on April 20th) had some merit to it; thanks, Head and Shoulders! I confess, I am envious of a market that can GO down and STAY down (as I glance over at the SPY, which is down fifteen hundredths of a single percentage point as I’m typing this).
Well, equity action in the United States wasn’t exactly riveting today. The S&P 500 closed up two hundredths of a single percentage point. Whoop-de-freakin’-do, Janet. Maybe the twin reports from China (whose reputation for honest accounting is unequaled) at 7:00 PST this evening will shake things up.
Well, the central bankers are really beginning to fail in a very public way. Kuroda has obviously made a complete shitshow out of the senior citizens colony known as Japan. Yellen has, so far, been given a free pass by the blinkered, pig-ignorant American public, who are too busy watching the Kardashians, but trust Tim on this, she will have her comeuppance.
Draghi, though, has become an embarrassment beyond my powers of elocution. Exhibit A is Deutsche Bank, shown below. As you can plain see, the stock price is – – and please let this sink in – – far lower than it was during the worst depths of the Financial Crisis. Try to imagine Goldman Sachs or JP Morgan being a single-digit stock these days, and you get the picture (of course, Yellen would never let that happen to the tribe. But I digress).
In any event, Draghi has mortgaged the future of his grandchildren, great grandchildren, and further descendents (his own infertility and/or impotence notwithstanding……..stay with me on this one) in exchange for the brief illusion of recovery. He. Will Fail.