Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 13th of August.
We are back again on Monday and seeing the markets on the defensive from where they closed on Friday. This past weekend we witnessed the closure of the summer Olympics, with an impressive medal score not only for the United States, but also for Team GB.
This past weekend Mitt Romney announced that he has picked his VP running mate, Paul Ryan, a 42-year-old Congressman from Wisconsin. Regardless of one's own political beliefs, we say Game On! What happens now in this race for the presidency is going to have a direct bearing on the markets, so we should all be paying close attention.
On the other side of the pond, BOE Governor King was quoted this weekend in the Sunday Mail (an English Newspaper) as saying he sees, "no obvious end in sight" for Europe's crisis. It would appear as though the European problem, as well as the slow down in China, is not on the radar of most traders at the moment.
Europe, China, and the upcoming general election will give traders a lot to think about. As always, we are going to rely on our Trade Triangles to point to where the markets are headed in the months ahead.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
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Unless Ron Paul can get nominated, it looks like 4 more years of Obarfarama. Mittens and Paul Ryan are total losers. http://www.economicpolicyjournal.com/2012/08/dont-confuse-paul-ryan-with-ron-paul.html
Romney has chosen the phony budget cutter Paul Ryan as his vice-presidential candidate/
Laurence Vance wrote in February 2010:
If it wasn't so tragic, it would be fun to watch Republicans when the Democrats are in power. Typical is the pseudo-budget cutter Paul Ryan (not to be confused with Ron Paul), the chairman of the House Budget Committee. Ryan, who recently said: "I am the budget chairman. I am a Republican. I am a conservative. I have been pointing out the big flaws of all of the taxing and the spending that has been going on around here," voted for Bushcare, otherwise known as the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.
Ryan also voted for the TARP bailout and the auto bailout.
Obama's orders, from behind the scenes types who appreciate his pure evil and Godless heathen communist conditioning, are to continue the march to America's spending itself into impotence and strangling its industrial capacity. We will then be equal to Kenya, degenerated Europe, and any place south of the border most of whose populations are invited in as "undocumented aliens seeking 'a better life". Destroying and leveling the dollar would be nice as global control is easier with a global currency. Ditto for the proposed treaty for control of the seas in which we lose our control over our shores and are subject to global penalties for oil spills, etc. A lot of minor world players are signed up but there is resistance here. It had better continue.
What a lot of happy chirping twits describe as a "Global Market" means something in the future over which no one has control except for world controller bureaus appointed to the task. Just wait until someone in Belgium decides who will produce how much wheat and to whom it will be sold. In a related sense consider the idiocy of producing ethanol from corn while corn prices rise and will likely continue rising. This is an oil related policy which precludes corn production at a reasonable cost when drought indicates we need it for food first. The funny thing is that corn for fuel will increase about as much as oil based fuel so where's the savings? Have you checked the price of breakfast cereals recently?
Dear ALPHACROTCH:
Spoken like a true, rational person who is paying attention to the amateur CEO, Commander-in-Chief, empty suit we (not I) hired to occupy the office of the largest, most complex enterprise in human history (the USA, for those among us who sought hope and change and that, "yes we can" BS...whatever that was supposed to mean). What a guy!
Thanks for the video.
I do believe, though, that the markets will continue their bullish trend.
Just take a look at the DAX, CAC40, (1 year charts).
They are in bullish trend....
Ditto the above response. Another good book regarding BOzo's competence is the Amateur, several weeks on the bestseller list. People are onto him.
The SPY shows a hammer candlestick and the E-Mini a doji, however, stochastics are embedded. Tomorrow may be interesting.
Correction: Not hammer, but hanging man candlestick.
I am 100 percent behind Ryan and his budget. Since Obama came into office three and a half years ago all they have done is hemorrhage money in every direction. They still don't have a budget, but they don't need one with Geithner there. Geithner gave Neil Barofsky, the independent prosecutor brought in to oversee TARP a really hard time by various methods while he only spent 1.4 Billion of the 50 billion allocated to help homeowners. Guess how much the Banker bandits got? 4.7 Trillion ! I am not making this up but reading from Barofky's new tell all book, "Bailout."
And Obama claims to want to help the middle class? This website would not allow me to print my response.