Happy Saturday, Slopers.
I'm going to just make one giant mombo post this morning and leave it up until Sunday's sunrise service. As a side note, I briefly tried a different ad publisher earlier this month, and the ad revenue was, shall we say, tres petite, so I'm back to Google. I have some "catching up" to do on the revenue side, so if there's ever a time to have your curiousity piqued by some of the ads on the site, this is it.
Before getting into the financial charts, I'll also note an encouraging sign for bears is the wholesale collapse in the SLIX indicator. The arrow shows record traffic, which of course was pretty much the short-term bottom.
Looking at the index charts, it's hard to know whether we've (a) completed the retracement; (b) are almost done; (c) have only made it halfway up. In the "completed" department are such items as:
In the "almost there"…..
…..and "halfway there"…….
I do think that, whether the retracement is halfway or fully done, or somewhere in between, there are a few notions I embrace as fact:
(1) Taxes are going up. Period. Obama is going to get his tax increase. The country's resentment and its desperate need for revenue are going to force the issue. So this is going to damage the nation's prosperity.
(2) Government, on federal, state, and municipal levels, is going to lay off hundreds of thousands of people. This is obviously going to simply push unemployment higher and, let's face it, the private sector isn't exactly clamoring to get those razor-sharp government employees onto their payroll. There aren't a lot of former postal clerks and social security administration helpline specialists working at Facebook, boys.
(3) The crisis in Washington, D.C. is simply going to come back, bigger and badder than ever. The whole debt ceiling circus was a sneak preview. Think about the super-committee; think about the debate about what is going to get cut (measured in trillions); think about the forced cuts that are going to take place no matter what happens; think about the vitriol that's going to accompany the Presidential election which is just next year.
(4) Government spending is going to go down. It's already been agreed. It's going down by trillions. And it's probably going to be forced to come down trillions more. You Keynesians out there think that's going to spur growth? I didn't think so.
The above four points aren't bear-eyed opinions. They are facts which only the most blinkered philistine would dare debate.
And, most encouraging of all, I offer again the chart for which I hope to receive the Nobel Prize in Charting.
I believe this chart points to a collapse in assets – all assets – and, yes, gold, I am looking right at you. I think everything's heading down this autumn, including our President's already meager approval rating.
And, with that, I bid you scrumptious Saturday sunshine.
