Weekend Chart Roundup – Sunday 27 Jan 2013 (21:22)
Thank you for all the great comments after yesterday’s taxation video. Coincidentally, got a call from my best buddy saying he’s leaving California because of the increasing taxes. He’s a high flyer and following a number of his business colleagues who have already gone.
The people in charge don’t seem to get it. The productive, wealth creating entrepreneurs are mobile – more than in any time in history. You change the rules on them – and they just leave.
Even the well educated, English-speaking, employable Greeks, Italians and Spaniards are leaving their homes. Leaving for London, Sydney, Hong Kong, Singapore, etc. Meanwhile, the tax base “back home” in Greece, Italy and Spain craters and they leave behind the least productive members of the community (young, unemployed, old & sick). Duh.
Anyway, another long video today. Sorry. The rotation has been going on quietly in the last 6 weeks and we’re about to get some large trend moves. Bonds are breaking down. So are the Pound and the Loonie – the Yen has already gone into free-fall. Gold and Silver are sitting at Support and the Gold Bugs will have to go into over-drive to keep them there.
The strength in the Euro has me a little flummoxed, but then reading between the lines it could be the result of European banks selling overseas assets and re-patriating the funds to pay off their LTRO debts.
February looks like it’s going to be an interesting month. Good luck with your Emini trading.