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Treasury Redeems A Gargantuan $643 Billion In Treasuries In April
A week ago we were practically speechless when we showed that the Treasury had redeemed nearly $494 billion in Bills in April. A truly stunning number and an indication of just how much cash the Treasury needs to have access to to keep rolling its ridiculously short average maturity debt load. Today we stand even more speechless: according to today's DTS, the Treasury has now redeemed $596 billion in Bills in Aprils: an all time world record, even when accounting for the Fed's steroid abuse period of SFP 1 (we are currently in the second iteration). Add $47 billion in Notes and there are almost $650 billion in redemptions. This number is simply ridiculous. Forget the interest expense: this ever increasing roll is the number one danger to the US and world economy. Should the Treasury be unable to keep issuing shorter and shorter dated debt (and it already is skirting away from even the belly of the curve), it is for all intents and purposes game over.
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I know it's not outlandish, given what I've witnessed during the past decade, and that's the worrisome part.
I am Chumbawamba.
The Fonz is now approaching the shark!
http://tinyurl.com/z7yho
It's 1910: What if they really create a Federal Reserve? Wilson will sign it, he's isolated in opposing this monster. People don't get it, and Congress is in the pockets of the cartel. In a few decades or less the bankers will control the country. Democracy will die on the vine. They'll orchestrate wars and recessions and skim off the cream, leaving common people with just the weak leavings, with nothing. This is insane. It cannot last. It will implode and leave nothing in its wake. Bankers are ruthless, and the drive to confiscate all money and leavy compound interest on every breath taken will ruin the nation and the world.
So yeah. Been there.
It's going to burn. It was always meant to burn. Let it burn.
Bankers, followed closely by Politicians, WILL eventually become the hated villains that most of society will rally against and blame. Where this will end, your guess is as good as mine.
And it IS a guess. Anyone who tells you they know what is going to occur, are guessing. They don't know, any more than you (or I) do.
I have NO hope, any longer that this is going to turn out benign to most of us. Where this is going to take us, I don't know, but I am resigned that we are going to experience a lot of BAD shit before we start to see a recovery.
But who is holding the match?
I am with you. Debt can always met with more/new debt. The fed can in the end print to meet the roll. Auction participants in the end are needed for the show of faith, they are not needed to satisfy the mechanism itself.
It will be "a giving up", a stale mate and not a crash, a societal exhaustion. I think it ends when it is understood that the monetary problem cannot be given a technical aka. financial solution.
Until then and perhaps after.... Gold
Sadly most of what you speak of is already happening. What is new this time is the tideswell happening oh so slowly on the Net. I can only hope that some of the guilty are punished. Change? Incremental and slow. The System is too strongly entrenched, we have lost our moral footing. I can only touch my small circle and watch the ripples spread out...but we have the Internet pond to multiply our efforts, along with those we care for.
Read Darwin.
Sure life the the Matrix can be fine (blue pill), but in order to see a post collapse future you really need to focus on the truth (red pill).
Most of the sheeple wouldn't want to or won't survive in the post collapse world anyway. Let them go through the gate and into the slaughter house in peace.
which is more important in the shower line, soap-on-a-rope or a gas mask?
No Superdome vacations for my family.
The problem is that the people you refer to have placed their heads in their third points and have made psychological purchase to this posture. It is much worse for us because we can see it coming, it is like torture. The ignorant are enviably blissful--it must be nice!!!
"… Should the Treasury be unable to keep issuing shorter and shorter dated debt (and it already is skirting away from even the belly of the curve), it is for all intents and purposes game over…."
By game over does that mean an end to the printing press? and deflation takes over?
I always thought there was a flaw in the inflation argument, in that surely the debt markets would refuse to accept more USD debt unless backed by something real, and this would happen long before the Feds QE $'s actually get into the system and are able to cause inflation.
Is this a reasonable premise?
yes. deflation takes over. all the rents collapse because there's not enough new cash available (being conjured into existence) to service previous debts. so, the debts collapse. and, because we've all convinced ourselves that debt = money, or currency collapses as well.
Finally-the signal I've been looking for. Twice this week-falling markets and rising gold. Very different from the past. I bought gold mining stocks heavily this week.
+1
What happens when they nationalize the mines?
That's why you stay away from Venezuelan and US miners...for now...(gulp)
No problemo. Roll some weed into a trillion dollar bill and party on.
One day the value of the USD will be measured by its weight.
You can throw everything out the window; except the market taking a nose dive. Uncle Sham is obviously betting the whole house on that one play. It's sure as hell working in my redneck of the woods; the boomers are shopping and spending at unprecedented levels. The kool-aide is flowing freely via the warm & fuzzy confidence of rising 401ks. It's kinda creepy to witness the frenzy.
Let the dead bury their head.
Finally someone who gets it. The market is ALL they've got. Everything else even the dumbtard public will eventually see through. This is the line that must not be crossed for them. The second dip everyone expects won't be allowed to happen........END OF.
The US economy must be strooong!!! Bullish.... Got Gold?
This was supposed to be reply to #326316
Chet, please consider that the US of the 1930's is not the US of today.
Consider the Attributes of America in the 1930s : (borrowed from survivalblog.com)
In summary, in the 1930s it cost a lot less to live (as a percentage of income) and people were willing, able, and accustomed to "making do" without. When people lost their jobs, in many cases they didn't lose their homes because they were paid for. Many folks could simply revert to a self-sufficient lifestyle and earn enough with odd jobs to pay their property taxes.
The bottom line: If America were to experience a Second Great Depression, given the high level of debt and systems dependence, there would be enormous rates of dislocation and homelessness. And with modern-day immorality and the prevalent "me first " attitude, I have no doubt that riots and looting would absolutely explode.
I was reading a great article today about Elizabeth Warren on counterpunch:
http://www.counterpunch.org/kreisler04302010.html
She has many insights regarding how things have changed, according to Elizabeth, we pay less on food but much more on our homes, Another difference she points out is that people who didn't have family nearby tended to suffer more than those who did as someone in the family who had money at the time would be able to provide for those who didn't.
She also explains why she no longer blames the victim in many cases regarding personal finance. Interesting read.
"Now, just 1% of the population operating farms and ranches feed the other 99%" ...and no one owns their seeds. Thank you Monsanto.
Bingo.
Got Heirloom?
Check this vid out for a preview for what to expect when TSHTF.
http://www1.whdh.com/news/articles/local/MI139127/
The wild card that will end this Ponzi scheme is oil. If a shortages occur along with big spikes in prices for whatever reason, it's game up for what remains of the US economy. No amount of bailouts and QE can stop that train wreck.
Saudi Arabia global oil exports to wane post-2010
Saudi Arabia’s long-standing status as a swing producer of crude oil could be drawing to a close according to the head of national oil company Saudi Aramco.
Global oil exports from Saudi Arabia, the world's largest oil producer alongside Russia, will start to wane in the coming years as domestic demand surges and spare capacity drops, warned Khalid al-Falih, chief executive officer of Saudi Aramco in a speech published on the company's website.
Domestic energy demand is expected to increase by almost 150%, from about 3.4 million barrels per day (b/d) in 2009 to about 8.3 million b/d by 2028, which will eventually affect the country's ability to export oil, he said.
[...]
"Saudi Arabia is running out of oil and Ghawar field will exhaust itself in the end," says Kryuchenkov. "It has been producing oil since 1948, which is unprecedented for any field and still accounts for around 55–60% of exports. The decline will accelerate from here and I think these are more immediate concerns than its consumption growing. As a rule of thumb in the oil industry, Saudi Arabia is seen as the following: a 5% decline in production and a 2% rise in consumption is approximately 15% decline in net oil exports. However, this is not the case just yet."
See Also: ZeroHedge: Last Dance:
Also, also: Mexico oil decline to resume, target looks shaky:
Precisely Ghawar=Cantarell=Game over.
We have less than two years left before TSHTF
Wake up America.Too late.
the latest data does look bad. Then again, this is exactly what Hubbert predicted. We just didn't listen
Hi all, just checking in to say that I was wrong about MN. The Palin (and Bachman) endorsed candidate won. The world is upside down. Besides (possibly T&A) can anyone explain to me what is appealing about those two so my head doesn't explode?
is there a problem with T&A? surely no one is that shallow...ROBOT!!!
Hint : they have a reputation for respecting the constitution,rare now
That's a loaded statement, I honestly don't think either of them are equipped mentally to even begin to understand the constitution. Palin has a reputation that she will do whatever it takes to make her masters happy, and Bachman is the poster girl of farm welfare. Farm welfare is certainly not in the constitution.
http://www.politico.com/blogs/glennthrush/1209/Antisocialist_Bachmann_go...
"Whats that? Monie has no backing? Why wasn't I told this? So whats the backup plan? There is no back up plan! So, then, margaritas at my place? See you in a few Warren...oh, and thanks for the cover over the years. Chow!" Bill Clinton set the phone down, glad he could quit pretending he had no idea what was going on, because now it did not matter.
US TREASURY PURCHASES ARE SUDDENLY COMING FROM THE CARRIBEAN & UK (Channel Islands)
The “tooth fairy” which I described as part of Suspicious Clue #2 in Extend & Pretend – Gaming the US Tax Payer appears to reside in the Caribbean and UK Channel Islands. The ‘tooth fairy’ was the name I gave to the mysterious direct bidder that has emerged in the US Treasury Auction to stop the bond auction from being a failure. A failure would scare the market and would result in a sudden and dramatic increase in US Treasury interest rates.
http://home.comcast.net/~lcmgroupe/2010/Article-Extend_Pretend-Uncle_Sam_You_Sly_Devil.htm
simple explanation...ammo replenishment for it's springtime in Iraq and Afghanistan...things should level out next month. Beside consumer spending is up and employment is up so tax receipts are booming... stop worrying so much
by CalculatedRisk on 3/11/2009 03:04:00 PM
From Rex Nutting at MarketWatch: Budget deficit widens 10% as receipts fall to 14-year low
oh Dear!...let me see...87.3 X 12...wait!...that can't be right...Mr Nutting must have meant 187.3...but that's not right either...he must have meant 287.3...OK... the reported data are off by $200 billion...please correct your figures! Sources reporting on CNBC assure us that tax receipts are not a problem...ammo purchases are proceeding as we speak...
Crum, I thought I was going to be clever buying TMV this week on the dip, then it really dips, and dips some more.
So which is going to be Monday, more flight to "safety" ruining my foolish trade, or risk back on?
I still don't understand the sentiment of people who think that the US needs to be "bailed out" or maybe that the US will default on its loans. The US can not and will never default on its loans. They will simply print more money.
There are only 2 outcomes for our current debt situation:
1) Countries around the world keep giving the US more room to take on more debt ad infinitum. We're at 75% of GDP. Japan is at 200%. We still have a ways to go, and we will keep kicking it down the curb, but no one cares.
2) We can't meet our fiscal obligations and print money. This will cause the dollar to drop, interest rates to rise, etc, etc. HOWEVER, the world does not want this. This situation will not likely go on for an extended period of time. Look at how worried people are about a financial problem with Greece that is likely insignificant in terms of relevancy to the rest of the world. So likely, countries like Russia and China will "forgive" a bunch of US debt in return for something, like the US relinquishing reserve currency status. Yes, we will take a hit in terms of prestige, but the doomsday scenario won't last long, or won't even come close to fruition.
Yes I know that including all our unfunded liabilities, it is like 60 trillion, greater than the world's GDP. However, things like Social Security and Medicare are illusions. When push comes to shove, the Government at the time will 100% cut benefits. They will likely get ravaged in the elections, but no one will roll those back. Pensions are not guaranteed. Medicare is not guaranteed. When we finally need to pay those up, the government will simply renege on those promises (and likely our dollar will skyrocket because of it).
Tyler, this would make an excellent guest post, IMO.
EXTEND & PRETEND - Uncle Sam, You Sly Devil!
I concurr
The dude's name is Gordon T long
The entire "Extend and Pretend" and the Swap series are great, smart and clear
Fail first, fail best.
That's where we are. Or to paraphrase, get on with failing or get on with really failing.
Whether it's a bank or a state or Greece, the best fail is the first fail. While there is still money to bail out. Greece should swallow its pride this weekend and say, "we'll wash toilets in a Berlin knockwurst joint if you give us money right now". Then take the money and skip town.
Negotiation right now just means REAL failure, because by the time the failure admits the inevitable, there's no money left in the pot. Forget negotiating. Accept the terms (fingers crossed), take the money, and live. Postpone it, and surely die.
Endgame is upon us, and no amount of CBNC cheerleading can change it.
I guess I figured out another FED playbook. Scream deflation in a crowded theater trying to get people to save while actually inflating everything. Pretty tricky dickies. There NEVER was any deflation during the great depression, it was a temporary hoax before gold went from 32 to 45. How many houses went on the market to have some deals during this whole thing? 10,000 20,0000?
I'm starting to think that my USFedRes! timeshare in the Caymans might not have been such a good idea. The guy that sold it to me seemed like a good chap, kind of bearded and avuncular. Kinda twitchy, though. Should I worry that he only accepted gold? But he did give me some nice certificates.
LMAO!
The united states as an organization of self identified people will not exist in 2050.
i will eat my shoes if it does.
I bet there is a pill for that.
The US is lucky we have Canada to the north and Mexico to the south. We could just call it a day and become one big mother of a country: North America United. Natural resources to the north, food in the middle, and worker bees in the south.
Anyway, the big picture is that the welfare state as an economic entity does not work. You can't have a few million people working their asses off to support all the old people, the sick people, the people who don't want to work, the kids, etc.
Commodities. Hard assets.
Perhaps you are referring to the North American Union? I'm not so sure I like that idea!
http://en.wikipedia.org/wiki/North_American_Union
No one cares what you "like" anymore. Chiggers can't be boozers.
What makes you think that the Canadians and the Mexicans want to get involved with the 'poorest' nation in the history of the world?
As others have said: A safety net requires folks on the outside holding it up to catch those who fall into it. Where are they going to come from?
I think history is about to show us that the capital market experiment has failed. I don't know what will replace it, but I cannot imagine that a true mutually exclusive dichotomy exists between capital markets and socialism. It would be like suggesting that we can only choose between Mohamed and Christ. Do we need Wall Street? Does it add any value? Is there a reason that I cannot buy a f****** car directly from General Motors without going through a f****** dealer? Isn't the Internet supposed to connect people?
'Round and 'round she goes and where she'll stop - nobody knows.
A possible tipping point will be when a large group of Bond Holders is forced to take a default or restructing. If Greece is bailed, then the banks holding Greek Debt got bailed out. That means the global financial system still has the money and will to keep bailing out investors who really should be losers.
Eventually, something will be too big to bail out. Once losers are forced to take the hit, that may be a sea change. That would mean the bail out money has run dry.
Goldman execs could also end up as losers. Right now they are humiliated, but have not suffered personal economics loss, prosecutions, jail time. If they get that, that will also be a sign that finally the losers and theives have to pay for their actions.
Other losers eventually will be the naive US public who hold Equities out of faith in the system. They are likely to end up as losers as well.
+1
We should all be praying for the mother of all defaults, that is the only way these stables are going to be cleaned out. Greece is the wake-up call, lets hope the german people refuse to be conned.
Society will not fail; the recent me-generations are actually still fairly decent people, and will wake up to the hardship in their communities, not hide and barricade themselves in like so many fearful people are saying just now.
My fear is the idiots in charge patch it up enough for us to limp along as we are for another decade, rewarding the greedy 'already-haves' instead of hauling them before the courts.
We don't need much new financial regulation, existing crime laws are surely adequate to use with a heavy fist. Just support the William K Blacks, E. Warrens, J Tavakolis, Steve Keens, Ron Pauls *of this world. (and Anton Valukis for Attorny General).
* especially if he would rehearse what he is going to say, and reads it out verbatim instead off wandering off the point.
Organised crime is running the financial sector. Does anyone honestly think that Madoff's $50 billion disappeared into thin air? Most of it -of course- disappeared into very shady people's pockets. Does anyone think the HFT trading, naked short-selling, CDS, XXX, YYY, endless re-circulating of money through these banks is for any other reason to syphon off fat fees and charges? None of it is productive, almost all of it is criminal.
Reggie (Middleton) I would be very interested to see your analysis of the amount of money in the system, and what proportion of it (through fractional-reserve lending, leverage, exotic derivatives etc. etc. ends up with the banks in fees, charges and profit-share. I suspect that is the figure that has gone exponential in the past decade -and I bet is some crazy number like 1/3 of the total. They may re-invest much of it, but they own it at least for a time and lots goes off-shore or over to organised crime.
I suspect that even the mainstream media might get the message soon; that would make a change.
"organized Crime is running the financial sector"...my thoughts exactly, have felt that way for a while. They are also running the politicians. Nothing new there, just the extent now. When the "families" went underground they went into Finance. Natural progression.
Sorry to be dense. Could someone please explain what these redemptions are? Are they bills that have reached maturity?
Yep, you've got it. Bills, bonds, TIPS...all that jazz.
What I think is most worrisome is the short-term bills, not the rest. Like many, I'm keeping my cash in very short term trsy bills, 3 mos at the longest. But two days ago I cashed in 1/3, and bought more gold. Now since Trsy has to rollover those bills to keep the great Ponzi going, what happens if more and more people don't roll over. What if they opt for gold or something else other than short term trsys? What's the gov't going to do then to fund itself? That my idea of how this whole trsy house of cards could tumble
Thats my understanding of how Russia collapsed. Could no longer roll over short term debt...
I left an answer to you in an earlier thread - dont know if you saw it.
You used the expression "Something tells me we 'aint in Kansas anymore". I have seen this expression used by others at ZH as well. What is it referring to?
On the off-chance you aren't being sarcastic, it's a reference to an allegorical fable for children by L Frank Baum, "The Wonderful Wizard of Oz".
http://en.wikipedia.org/wiki/The_Wonderful_Wizard_of_Oz
Thank you Snow and also Jack below. No, I was certainly not being sarcastic - there is quite enough of that going around these days as it is.
But now having the answer, I see your point. Having noticed references to the yellow brick road and the silver slippers - turned ruby slippers in the movie - symbolism, it can be hard to believe that any person with an interest in PMs would not know. But not all had their bedtime stories read to them in the US, and I still have a lot of catch up to do, among others to see the Bill Still film and to read the fable itself.
The bankers are trying to gaslight us.
"Not in Kansas anymore" is from the movie The Wizard of Oz.
Oh, I think they'll find a sugar-daddy or two at the right rates...we don't exactly have the same crippling lack of productivity as the Greeks after all.
And, unless you bought actual bars of gold (smelted a rapper's 'bling' perhaps?) then you've bought a promise that isn't any more likely to be kept than that debt...the ratio of physical gold to derivatives is 1:100 or so...it's going to be a looooong line to get physical delivery.
Great post from Doug Noland:
"I'll date the beginning of the end for the Wall Street/mortgage finance Bubble on June 7, 2007. While subprime problems had been festering for months, that was the day Bear Stearns announced that two of its mortgage derivatives funds would no longer allow redemptions. From that moment on, speculative finance was on it way out of the mortgage sector. I would not be surprised if Tuesday April 27, 2010 marked an important inflection point for the Global Government Finance Bubble. The stock market was able to muddle through more than a year of mortgage market tumult before succumbing to an all-out crisis. So, marketplace complacency in the face of expanding crises in European debt markets and Wall Street risk intermediation is not all that surprising.
Greek debt contagion took a dramatic turn for the worst. Two-year Portuguese government yields jumped 104 bps Monday to 3.97% and then spiked above 5% in Tuesday's rapidly escalating market dislocation. After beginning the month at 1.58%, Portugal's two-year government yields Wednesday traded as high as 5.93%. At the worst of the week's dislocation, Portuguese Credit default protection jumped to 450 bps, after starting April at 144 bps. Ireland's two-year government yields surged as high as 4.28%, up from last Friday's 2.34%. Yields in Spain jumped above 2.3%, after ending last week at 1.70%. Italian two-year yields also jumped as much at 50 bps from Friday's level to approach 2.0%. It is certainly worth mentioning that Greek two-year yields rose above 18% Wednesday, before ending the week at 12.67% (after beginning the year at 4%).
And most will argue, perhaps even persuasively, that European debt market tumult will have little impact on our market and economic recoveries. Readers surely remember how the U.S. economic expansion was supposed to be immune to subprime woes. But fragility is inherent to Bubbles, and contagion is fundamental to Bubble risk. It is the nature of things that the weakest link tends to be the first to succumb. And as confidence falters, previous risk misperceptions are comprehended and complacency is abandoned - greed morphs to fear and the dominoes begin to tumble. I don't know how much or for how long it might take for contagion to find its way to U.S. debt markets. I am, however, confident that we face enormous structural debt issues that the markets won't disregard forever.
The Goldman fiasco does not inspire confidence. Tuesday April, 27 was not a good day for Goldman, proprietary trading, the OTC derivatives marketplace or private-sector risk intermediation. It definitely marked an inflection point for efforts to impose greater regulatory restraint upon the financial sector. The old ways may have persevered through the LTCM, Enron, GSE and mortgage fiascos, but today's intense scrutiny of Goldman Sachs will alter the manner in which Wall Street goes about its business. The near-term ramifications for our government-dominated Credit system and economy are anything but clear. There days financial conditions are loose, confidence is high, market liquidity remains overabundant, and there is little difficulty intermediating risky Credit. But there is, at the same time, Bubble fragility unrecognized in an overconfident marketplace.
Reigning in Wall Street proprietary trading desks and derivatives operations pose major additional challenges for an already challenged private-sector Credit mechanism. The Street's new realities will make it more difficult for private-sector Credit to anytime soon supplant Washington's Credit juggernaut. From my perspective, this equates to massive deficits - for bigger and longer. This means, at some point, greater market risk to a change in market perceptions and a surprising jump in yields. And I would argue that Goldman and Wall Street's problems ensure that the markets for risk intermediation - interest-rate, Credit, equities, currency, etc. - become less liquid and more vulnerable to dislocation.
Perhaps it doesn't matter all that much for now, but the dislocation that unfolded in European Credit default swap markets on Tuesday April, 27, 2010 portend serious issues for sovereign debt markets both abroad and at home. There's hope that European policymakers and the IMF can come up this weekend with a credible plan for Greek aid. I would tend to believe that the "genie is out the bottle" and that global markets are in the early stage of adjusting to new uncertainties and risk realities. Many that have planned on using derivatives markets to hedge future market risks may begin to reevaluate their approach to risk taking and management."
http://www.safehaven.com/article/16619/tuesday-april-27-2010
Yeah, it's a good post. Pretty much had the same thoughts myself. What I'm becoming more interested in now other than just another review of how bad things are, is some indication of timing.
So Doc, give it to me straight, just how much time do I have
Ah those unimaginative Greeks...going at your backdoor with a Trojan Horse again.
ECBola...<sniffle> <cough>
Oh the Greece bone's connected to Portu bone...the Portu bone's connected to the Spain bone...
In addition to the issues you mention regarding market fragility, the fed's program of purchasing motgage backed securities from the banks is finished. Thus, the banks will not have the excess liquidity to keep pumping the market up as they have been doing.
With the fed buying program over, M2 will start falling hard. It was already falling from the deleveraging of the bottom 80% of the income. The top 20% incomers are the only ones keeping consumer spending going along with the debt defaulters. Only big banks and big internationals and the people that work for them appear to doing ok financially.
Another interesting tidbit from the "Contrarian Investor" (CI) talks about the industrial production numbers disconnect with the lack of a rise in the electrical consumption numbers. it doesn't appear that the rise in industrial production is from goods being made and sold here considering electrical usage is down to flat. Also, there are no hard numbers given for the IP #s, its from quetionaires.
The USA will default because it is bankrupt, for all you patriotic morons. If it tries to print there will be a currency crisis idiots. There is nowhere to turn. No one can bail out the USA. The crisis will lead to Mad Max scenarios and social dislocation. I advise all non self absorbed patriotic americans to move to New Zealand. Everything will deflate in terms of wheat and silver.
New Zealand is a little smarter than that ... in order to move to NZ without a specific job or job classification you have to take 4 million with you with a business plan showing how you are going to invest it.
So unfortunately most non self absorbed patriotic Americans are sol ... I think your idea of wheat and silver are good
Unrelated and quite possibly nonsense, but here is a potentially disgruntled 'citizen'(?) who may or may not have had thoughts about making a direct withdrawal from the FRB out in the sunny City of Angels?
http://bit.ly/9KFvyr
weekend off?
weekend off.
DOW chart shows an expanding wedge indicating a significant move is probable.
MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0
MortiES’ Weekend Analysis 30Apr2010 ~ Nailed That Sucka!
Mortie is a probability trader that has modified a system that gives you an opportunity to learn to fish. Instead, I offer what I consider to be the general market direction along with target levels for moves. If I am doing my job well most of the time, then you should have a significant market edge when trading.
Every trader’s goal should be to become a consistent winner. Most new traders think that analysis is the key to success. Successful traders know that good analysis, at best, gives us an edge in our trading. I don’t claim to offer more than this edge with my analysis.
Anyway if you want to see my analysis on how the market will most likely move next week, based on Elliott Wave analysis, check out the link below:
http://www.zerohedge.com/forum/market-elliott-wave-update