Emini Trading Update – Friday 15 Jul 2011 (17:12)
1,304 seems to be the critical level. We’ve tested it now on Thursday and Friday – and seemingly it’s held. But I think we’ll have one more final go next week after a little rally.
The risk on/off markets are a little mixed and we still don’t have a clear direction – and still more news has to come out re: debt limit, Europe, etc.
Don’t you just love trading? Always something going on. Always something exercising your mind.
Link of the day …
Hugo Salinas Price (2:10)
Hugo Salinas Price tells it like it is – in 2 minutes. And I’m not talking about Gold (I’m not a Gold Bug) but I’m talking about Government intrusion into our lives and the economy. And it’s not just England, but the US and most “developed” countries.
“The Empire has bankrupted itself by assuming too many obligations, which are impossible for it to fulfill.”
And in the process weakened the citizens – we’re soft and flabby and the storm is about to hit.
The Government’s only responsibility is to provide the conditions (rule of law, property rights, consumer protection regulation, free trade, fair competition, common infrastructure, safety net for the least fortunate, etc.) for each of us to lead happy and productive lives. It need only collect enough taxes to do this and this alone.
The Government is not responsible for the economy, not responsible for bankers making bad loans, not responsible for you choosing to have 4 children, not responsible for your pension, not responsible for the value of your house, not responsible for your health.
Three words that make me want to rant: “The Government should …”.
Additional note: Hit the publish button and then John Mauldin had 2 excellent charts (via Business Insider) showing Economic growth is inversely correlated to the size of Government. Hooray – please show this to all your friends and colleagues. Government is parasitical – we live in a command economy and it is 1984.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.