Make Wall Street's Next Failure Pay for Your Summer Vacation By Adam Lass | Wednesday, June 29th, 2011 Don't let the weasels kid you, friends: Americans are plumb out of spending money. Our pay checks? Stretched so thin you can see through them. Bank accounts? So empty you can hear the echoes. Moths are fluttering out of our wallets, and there's nothing but a couple of Canadian pennies and some lint left in our pockets. The good news is — as always — savvy traders willing to hold their noses can always find a way bring in major coin off this sort of situation.
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Another Crock Oh you bet. Just ask any empty American wallet... The Big Slide And they have retroactively rounded April's dead flat consumer growth back down into the negative as well. Just yesterday, several of the Axis of Weasels' sock-puppet economists weighed in with a fresh round of cheers and chants: "Some of the headwinds that caused us to slow are turning into tail winds"... "It just has to get better from here ('cause it can't get worse)"... "Here's to a better third"... yadda, yadda, yadda. Now, the early June reading has bucked the cheering squad's prediction of a rise and dropped again — from May's reading of 61.7 to a seven-month low of 58.5 in June. (To give you a sense of scale, 90 is supposed to indicate that we are all fat and happy. 58.5? Not so much!)
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The Catch Heck, it takes 3% growth just hold even at a dismal 9%+. But the latest economists' poll out of the Associated Press has total growth for 2011 slated to come in at 2.3%, and that, my friends, just won't cut the mustard. And American retail is dying. But there it ran into one hell of a brick wall, and is now forming one of the most intuitive — and most dangerous — technical signs: a double top at the top of trend. Economists will argue 'til the cows come home as to whether or not this is the beginning of a long-term bear market or just the "short-term bump in the road" fantasy the weasels are trying to sell us. Fortunately, even this sort of grinding bull-or-bear decision process can still yield substantial short-term gains. After a defeat like this, the herd just has to know what kind of foundation it has — a gut check before it can begin to build again. This requires a probing downside move to test the following support nodes: • Fibonacci (F.) -23.6% at XLY $36.01 (traditionally weak)
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Economic Releases for the week of Monday, June 27th, 2011: Jun 27 - Personal Income and Spending Jun 28 - Case-Shiller 20-city Index Jun 29 - Pending Home Sales Jun 30 - Chicago PMI Jul 01 - Construction Spending Jul 02 - Auto and Truck Sales Jun 28 - Consumer Confidence Jul 01 - Nonfarm Private Payrolls Jul 01 - Michigan Sentiment Jul 01 - ISM Index Jun 29 - MBA Mortgage Index You May Also Enjoy...The True End of Cheap Oil2011-06-27 - Christian A. DeHaemer Wealth Daily's Weekend Edition 2011-06-25 - Steve Christ Dwindling REE Supplies from China Signal Higher Prices 2011-06-24 - Luke Burgess The Next Bull Market 2011-06-23 - Steve Christ Get Your Piece of the NFL's Billions... 2011-06-22 - Ian Cooper | |
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Wednesday, June 29, 2011
Make Wall Street's Next Failure Pay for Your Summer Vacation
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