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Market Red, Not Green For Christmas


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If you have some extra time during the holiday, I highly recommend the Asia Times 12-part series on "Pipelineistan" in Central Asia. The final installment was published today, and they're all still accessible. The series concludes:

 

A dreamer would see harmony between Russia, the US and China all engaged in a sensible exploitation of Central Asia's oil and gas and minerals. This would lead to economic development everywhere, and eventually more political freedom. It doesn't look like it's going to be this way. The perception in Islam, in the Chinese universe and also the Russian sphere is that America is using the "war on terror" to exclusively advance its own strategic oil and gas interests. This is a recipe for disaster - and ultimately war.

 

Pipelineistan revisited

 

Ancient centers of civilization such as Bukhara and Samarkand find themselves under harsh regimes sponsored by the major powers. Genghis Khan sacked the region eight centuries ago. I hope to see it before today's powers wreck it again.

 

Nevertheless, we can pray in this holiday season that things will turn out differently and better.

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My cents is that SnP has very little upside left in it

before a descent correction sets in........................

 

On a daily chart futures have poked above 20-bollinger band

about 5 days in row

 

5.......10........day moving averages look vertical

 

Depending on vibe at the time......I will put shorts on move

up close to 1098................................................................

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A rare mistake from the back page of the Washington Post... and more surprisingly, from the pen of Robert Samuelson, in an opinion piece about the threats to the doolar:

 

Third, the dollar "crashes" -- and everyone loses. Foreign investors sell U.S. stocks and bonds, whose values are weakening in terms of their currencies. (In mid-2003, they owned about 10 percent of U.S. stocks and 17 percent of U.S. corporate bonds.) This triggers massive selling. Stocks and bond prices drop sharply, as does the dollar. Americans and foreigners suffer huge losses. Confidence crumbles; the global economy slumps. "There are two risks [of a rising dollar]: one is that it creates a European slowdown; the second is that it upsets financial markets," says economist Desmond Lachman of the American Enterprise Institute.

http://www.washingtonpost.com/wp-dyn/artic...-2003Dec23.html

 

Of course, he meant to write, and the Washington post to publish, "of a falling dollar."

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MSNBC just announced that three flights from Paris to the U.S. have been suddenly cancelled due to "security concerns". The first flight was scheduled to depart Paris heading for Los Angeles.

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Meeeeeery Christmas and happy holidays to all stoolies

 

Many tanks to Doc for his persitent hard work and for making this the best place on the web!

 

Portfolio update...added GG everyday this week....now by far my biggest holding,

shorted big block of KLAC at 57 and change today, still short 20 spoos, bought physical

 

Two patients this week who are VIPs for large retail conglomerates, both intimated that retail sales for the holidays were going to be worse than bad....horrible

 

Still counting on that news leading to a sell off....the 200 day looks mighty fine to me.....I may be a buyer there

 

Off to stuff some stockings, looking forward to makin some more serious coin next year

 

TRADE SAFE

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