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Dow Fibo Grid update: Lost the $SPX one, cleared the chart for long term Fibo research. Most interesting stuff.

 

Prophet Fibonacci, as well as a host of useable studies, make them a bargain at $40 bucks a month, IMHO. Tim Knight, founder of Prophet Finance, has a bearish outlook for 2004 in his annual forecast, by the way.

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Here is the future not what may happen today

 

 

What's happening today happened 300 years ago in the French economy when John Law, another Scotsman, was allowed to launch the first government-sanctioned bank, which replaced coins with paper money. Commerce boomed. Politicians recognized this correlation between issuing more money and people liking you. They issued more and more money, but it was a false promise. Nothing intrinsically was being added to the economy except promises, which could never be redeemed. Selling by speculators caused the stock market to correct. The correction encouraged the authorities to print more funny money. Ultimately, the continued pumping of liquidity destroyed the economy, the stock market and France's currency.
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