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"Be not intimidated...
nor suffer yourselves to be wheedled out of your liberties by any pretense of politeness, delicacy, or decency.
These, as they are often used, are but three different names for hypocrisy, chicanery and cowardice."
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Abraham Lincoln

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In a world gone mad we are the villains. We wield the truth and the light. In the end we will only be answerable to ourselves and our God. If we win then we inherit the earth, if we lose we get to Heaven.

Friday, May 21, 2010

A CRASH APPROACHES: WHY IT IS UGLIER THAN THEY ARE TELLING YOU (PART 1 OF 2)

FILE THIS UNDER: OH SHIT!
21:41 by Administrator. Filed under: Whatever
by John Galt
May 19-20, 2010
The picture of our economic and equity market world did not improve today despite popular belief that you will hear at 6 p.m. Eastern Time on CNBC from the plastic bull throwing clown (repeated again at 11 p.m. ET) that the fact that we “only” lost 66 points isn’t all that bad. The reality? Yesterday was a key reversal day in the markets. Technically speaking the market is drastically oversold, yet the failure to hold the line at 1120 on the S&P 500 cash means we are wide open to shatter short term support in the next two sessions at 1100 and then from their to 1085 and further down. I started this piece on Wednesday night and thought to myself, “hmmm, perhaps I should wait and see what Thursday brings.” Good call on my part as there is now a strong possibility of a crash either on Friday May 21 or Monday May 24th. If you don’t believe so, look at Obama’s speech today about FinReg and the spilled Mole on his lapel as apparently he ate some late night DEATHTACOBURGERS while watching the overnight action and calling Sir Alan Greenspan to explain to him what all those numbers streaming by on his screens meant.

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