tag:blogger.com,1999:blog-55521292012-02-16T15:35:09.826-08:00Dispatches from the Id ... Notes on Social Mood ... A Real-Time Analysis of Art, Politics and CultureDave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comBlogger5061100tag:blogger.com,1999:blog-5552129.post-23938745963374078422011-11-07T22:36:00.000-08:002011-11-07T22:37:23.034-08:00

Expect more like this: Plates Keep ShiftingTonight NBC/Wall Street Journal released a major presidential poll showing the President has improved his margin against his probable opponent, Mitt Romney. This comes after a string of other polls showing improving numbers for the president, as well as another group of polls showing that most voters believe congressional Republicans are focused on

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-66313875131311523732011-10-21T08:10:00.000-07:002011-10-21T08:10:01.041-07:00

Strength into November (one-month bounce for a two-month divergence)?

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-76355576704177914762011-09-06T11:01:00.000-07:002011-09-06T11:01:43.868-07:00

Not the first by any stretch of the imagination, though I anticipate an arms race on the Left to see who can go the farthest to provoke a candidate to actually accept the errand. "What Democrats Can Do About Obama"Obama has ruined the Democratic Party. The 2010 wipeout was an electoral catastrophe so bad you'd have to go back to 1894 to find comparable losses. From 2008 to 2010, according to

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-6355133044499016572011-09-01T21:52:00.000-07:002011-09-01T21:52:28.232-07:00

Listening all day to financial pundits on TV putting the "baby" in Baby Boomer has me remembering one of my favorite lines of poetry of all time from Karl Shapiro in a poem called "Ruby Bates." "The Reds are virgins They wear suits and talk a shrapnel-proof ideology They will all die Of biology"

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-88977545036001465402011-08-11T08:19:00.000-07:002011-08-11T08:19:00.456-07:00

And both of them are brilliant. Here's Chait. The Two Crises and the Triumph of Magical ThinkingThis morning, listening to Diane Rehm, I heard the host ask her guest what President Obama should do to fix the ailing economy. Her guest expert tried to answer, but did not point out that any proposal to address the economy would require passage by the House and Senate. It struck me, again, that our

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-59559879502584141462011-08-10T09:10:00.000-07:002011-08-10T09:10:01.811-07:00

Japan's 'herbivore men' -- less interested in sex, moneyThey are young, earn little and spend little, and take a keen interest in fashion and personal appearance -- meet the "herbivore men" of Japan. Author and pop culture columnist Maki Fukasawa coined the term in 2006 in a series of articles on marketing to a younger generation of Japanese men. She used it to describe some men who she said

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-89862868804772646782011-08-09T16:07:00.000-07:002011-08-09T16:07:15.369-07:00

Yglesias is swiftly becoming my favorite blogger. Counter-intuitive without being too clever about it. ‘Made In China’ Accounts For Less Than 3 Percent Of American Personal Consumption ExpendituresIn part, this reflects the fact that 67 percent of spending is on services rather than goods, and services are 96 percent made in the USA. But even durable goods, which only account for about 10

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-21641874403002631852011-08-09T12:24:00.000-07:002011-08-09T12:25:48.969-07:00

I prefer the Leninist term "ultra-left". But John Cole's analysis of the continued immaturity of the left wing of the major American left wing party is worth reading. Obama is Picking on RomneyI fully expect by the end of the week to hear Halperin and the other bobbleheads decrying this outrageous attack on Romney’s religion. If any of you were wondering what the upcoming election was going to

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-43379458235077180052011-08-08T21:59:00.000-07:002011-08-08T21:59:21.906-07:00

London Riots Roundup Birmingham-Liverpool Several large fires engulfed the centre of Croydon on Monday night as the unrest that has gripped London spread to one of the capital's most southerly boroughs. Residents said the trouble started in outlying neighbourhoods at about 7pm with 200 to 300 youths rampaging through the streets looting and setting fire to shops. At about 9pm, the trouble had

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-50243372704193780352011-08-08T10:15:00.000-07:002011-08-08T10:15:29.043-07:00

Right now, this is the best I can do for the intermediate term. Non-confirmations are non-determinative. But they can help serve as warnings that things are not "typical", which may or may not lead to a divergence-like response (i.e., a reversal). I much prefer using divergences for bottom reversals. And there isn't anything promising on the 3-day chart I watch. So right now, watching to

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-37969754885950746772011-08-08T10:09:00.000-07:002011-08-08T10:09:05.162-07:00

A point too often forgotten. On S&P, Downgrades and IdiotsS&P’s assessment is only remotely serious if you assume that this particular Congress, with its huge contingent of crazy Tea Partiers, is going to serve in perpetuity. But this Congress isn’t going to serve in perpetuity — there are elections next year, and many of the Tea Party freshmen are likely to lose. They won in 2010 because it

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-55248046744909210272011-08-06T10:56:00.000-07:002011-08-06T10:56:05.972-07:00

Here's your "Oh My God, We're All Gonna Die!" chart of the week. Just sayin'. If you're not prepared for this possibility, however small it may turn out to be, then you're not prepared.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-10313499504633150332011-08-03T11:59:00.000-07:002011-08-03T11:59:19.592-07:00

The latest negative divergence between the Dow transports and Dow industrials doesn't look as severe as the one that signaled the end of the credit boom. But it looks worth paying attention to all the same. I'll have the bullish case for higher prices later. What is especially interesting about this chart (transports in red, industrials in green) is that there is a longer-term non-confirmation

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-36924325262090979442010-12-09T08:20:00.001-08:002010-12-09T08:30:03.533-08:00

More typical bleating from the "don't criticize me, bro!" progressives.The Sorrow and The Self-Pity"There is a case for the tax cut deal, as the best of a very bad situation. But Obama did not help that case yesterday by lashing out at “purists”.Leave aside the merits for a moment: what possible purpose does this kind of lashing out serve? Will activists be shamed into recovering their previous

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-21634516751379479522010-12-03T08:50:00.000-08:002010-12-03T08:59:38.961-08:00

Are Democrats Bad At Politics?Freezing Out HopeIt's hard to keep up with the emotional bloodshed on the political left these days. It's almost become impossible to think of them as the "incumbent regime" but that is the case - despite the wailing and lamentations of their supporters.For context, it's worth thinking about Clinton in the fall of 1994 or Reagan in the autumn of 1982. The morning

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-82316232710617876752010-11-22T21:26:00.000-08:002010-11-22T21:30:22.847-08:00

This article on U.S. Congressman Paul Ryan is interesting insofar as it is a reminder of the almost mystical - arguably Puritanical - devotion to the chastity of money."There is nothing more insidious that a government can do to its people than to debase its currency," Ryan said.Just as harmful, Ryan warns, is that the proliferation of newly printed dollars inevitably unleashes inflation and

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-15505038715030020822010-11-21T17:38:00.001-08:002010-11-21T17:41:39.726-08:00

I got your holiday cheer right here ...I'll be noting this in my 7 ETFs You Need to Know column for tomorrow. But I'll include the art here. Note that retail, basis the Retail HOLDRS ETF, RTH, and the S&P Retail SPDRS ETF, XRT, is the most overbought sector right now.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-22609584436528399512010-11-09T21:44:00.000-08:002010-11-09T21:46:51.992-08:00

The contrails are pricklier and the mystery not really all that mysterious, but still ...

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-2873103502762374222010-10-20T23:08:00.000-07:002010-10-20T23:10:26.354-07:00

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-79084706361462966562010-09-15T21:16:00.001-07:002010-09-15T21:23:14.621-07:00

To the extent that Mark Rubio is my pick for the GOP's successful presidential candidate in 2016, this is very good news.I know I'm being a little structural about Rubio being the opposition party's Barack Obama in the short term and their Jimmy Carter in the long term, but I'm a model-driven kind of guy.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-73123668281554990312010-09-05T08:58:00.001-07:002010-09-05T09:18:02.021-07:00

The current meme among those in opposition is that the incumbent regime is thwarting economic progress due to "uncertainty" about the future.The jobs numbers and uncertaintySetting aside the issue of what I have to assume must be the opposition's otherwise typical omniscience, the idea that "uncertainty" is a new factor in economic and financial life is not even worth arguing against. The fact

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-45242181805384834472010-08-30T17:40:00.000-07:002010-08-30T17:54:24.827-07:00

I continue to think that the most relevant comparison between President Obama and his predecessors is with Richard Nixon. This, of course, has more to do with Obama's position in the trajectory of Right/Left politics, so to speak, than any personal similarities. I've been looking back to some of the themes of the 1970 mid-terms, the first "referendum" on Nixon's burgeoning presidency, for

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-74088400403938562192010-07-13T12:32:00.000-07:002010-07-13T12:35:35.992-07:00

"One more time and the Nose Gets It."A Chart is Worth a Thousand Words

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-4364518594714854362010-07-13T07:15:00.000-07:002010-07-13T07:17:49.401-07:00

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-44023266151704525872010-07-12T14:49:00.000-07:002010-07-12T15:10:43.729-07:00

The level of angst among the Left is probably the most fascinating mood phenomenon out there right now. Jonathan Cohn of The New Republicis one of the few people to have noticed this over the past several months. But listening to "progressive" radio for several hours a day most days of the week, you swiftly learn the depths to which Leftwing spirits have sunk.Katrina vanden Heuvel's recent

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-87102768953140243822010-07-12T11:41:00.001-07:002010-07-12T11:48:09.614-07:00

Another insightful post, this one from Matthew Yglesias on the topic of Democrats installing conservative Fed chairs (Clinton and Obama extending the tenures of Greenspan and Bernanke, respectively).The Presence of Mine EnemiesEzra Klein has a column in the Post explaining to ink-on-newsprint readers what blog readers already know, namely that economic performance matters and deficits don’t in

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-31389739161425843532010-07-12T09:49:00.000-07:002010-07-12T09:52:48.167-07:00

Here is some perspective on the current market - as well as the capacity for significant bull market rallies at the intermediate level.4 Secular Bear Markets

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-56363425530945423182010-07-12T09:43:00.000-07:002010-07-12T09:48:01.074-07:00

There's been a lot to say about sentiment over the past several weeks. And truth told, between the volume that's worth commenting on and my obligations elsewhere, I've been almost too intimidated to wade in.But for now, and for the sake of a certain timeliness, I want to underscore this observation from one of my favorite bloggers, Ezra Klein:One of the interesting features of the second graph

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-60164702312913308952010-06-16T07:36:00.001-07:002010-06-16T07:43:32.724-07:00

With apologies to Dr. Paul.Jon Stewart: Obama Is Like Frodo On Presidential Power -- And Palin Is Gollum (VIDEO)

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-20446752033539191772010-06-07T15:21:00.000-07:002010-06-07T15:23:28.968-07:00

This is absolutely brilliant.The Only Politics Article You'll Ever Have To Read: What if political scientists covered the news?A powerful thunderstorm forced President Obama to cancel his Memorial Day speech near Chicago on Monday—an arbitrary event that had no affect on the trajectory of American politics.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-86086024455575261562010-06-07T09:57:00.000-07:002010-06-07T10:03:00.451-07:00

Brick by BrickAlthough it may end up being a small part of what ends up happening should we turn around and begin to head higher (in mood and market), I think the potential for Unifying Outrage is growing. Politics is making the BP Oil Disaster a problematic element in this regard. But maybe by summer's end we'll be more focused on fixing than fault-finding. In any event, as we've seen time

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-182572844058451812010-06-07T09:28:00.000-07:002010-06-07T09:30:22.825-07:00

Barry Ritholtz has it pretty much right to my mind. Double Dip — Or Just a Soft Patch ?The key factor regarding all of this slowing data is that it is suggestive of an economy that will continue to expand, albeit at a slower pace. None of this data is highly aberrational, and none of it is consistent with past double dip recessions.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-14423690509898574782010-06-01T00:01:00.000-07:002010-06-01T00:01:03.596-07:00

The role of both Nixon and Obama is to signal the kind of party, the kind of politics that will succeed the current hegemonic one. From Nixon, who was the final conservative president of the Great Liberal Era (the Free Love of Welfare, Civil Rights and Sexual Liberty), we got the Southern Strategy, a winners-make-the-rules cynicism about democracy and the political process (i.e., rat-fucking),

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-47920443461355891682010-05-31T15:54:00.000-07:002010-05-31T16:17:35.949-07:00

One of the greatest - and most misinformed - political advice of all time was provided the current president by none other than left-wing icon, Arianna Huffington of The Huffington Post when she urged then-candidate Obama to "show his rage" late in the 2008 presidential campaign.Ms. Huffington's idea that Vice President Joe Biden should threaten to resign over Obama's Afghanistan policy, by the

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-52093317770196208202010-05-24T12:05:00.000-07:002010-05-24T12:19:28.447-07:00

From Avatar to District 9, pop culture is taking the side of the alien, the exotic and the oppressed.While many have criticized the importance of the "cross over" figure from the dominant culture who becomes a part (willingly or not) of the alien culture, it will take far more in the way of disillusionment before we truly give the aliens a stage of their own.Compare the almost elegiac tone of the

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-42325988943889369782010-05-12T16:53:00.001-07:002010-05-12T16:58:21.702-07:00

Current progressive lamentations over President Obama's nomination of Elena Kagan to the Supreme Court are to be expected. It is surprising, in some ways, the degree to which "holding the President's feet to the fire" on the political left has come to mean chastising him for not embracing liberal or left-wing positions he has never espoused.Arguably this is the sort of liberal/progressive

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-71749667109334653882010-05-11T13:08:00.001-07:002010-05-11T13:09:48.777-07:00

I ought to check in with Tim Wood on this. But that chart suggests to me that gold's run is just about done for another half-generation.The Monthly S&P 500 in GoldHow fitting that the Great Conservative Era will end, in financial terms, with the Great Conservation, i.e., deflation.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-65081888515088000662010-05-11T11:30:00.001-07:002010-05-11T11:35:56.335-07:00

Here's a fascinating piece on the Tea Party, that sees them as a dialectic response to the growing libertarianism of both traditionally Democratic and Republican politics.The Tea Party JacobinsA new strain of populism is metastasizing before our eyes, nourished by the same libertarian impulses that have unsettled American society for half a century now. Anarchistic like the Sixties, selfish like

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-17447155146900547902010-05-10T17:35:00.000-07:002010-05-10T17:40:54.130-07:00

I don't agree with everything that Ken Fisher has to say. But I am convinced that he has figured out something that is very basic, very much at the heart of what makes it possible to outperform as an investor. He is someone I'm always more than happy to read or listen to.Here is some commentary from Forbes from earlier this year. I think he has the sentiment down perfectly. Fisher isn't as

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-90813873757361009422010-04-29T21:08:00.000-07:002010-04-29T21:15:01.310-07:00

Here's one to file away: I think GOP senate hopeful Mark Rubio will be the country's next Republican president. I'm betting that he beats Hillary Clinton in 2016.For what it's worth, I'm far more confident on my Rubio prediction than my Clinton one. Having Hillary run as the successor to Obama, and lose as part of setting up the GOP's own version of Jimmy Carter is probably putting too much

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-7665251061188444852010-04-29T16:39:00.000-07:002010-04-29T20:15:45.736-07:00

Although it didn't seem to be the case during the Bush administration, when a politically-centrist effort to reform American immigration laws was aborted due to incumbent regime in-fighting (libertarian, "free market" conservatives versus social conservatives), it looks like the conservative movement in the United States has finally entered the 201st century.In most of the first world, the

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-39316231093845064912010-04-23T13:55:00.000-07:002010-04-23T13:56:44.269-07:00

In "honor" of my former home state passing the most racist "anti-immigration" law in a generation, I present to you the Latin Playboys.Mas Y Mas, indeed.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-79794788650964374062010-04-19T16:38:00.001-07:002010-04-19T16:43:39.514-07:00

Remember the last time "angry white men" were considered a besieged class?Poll: Tea Party supporters mostly wealthy and educated white malesOne of the most popular stories on The New York Times web site right now is a about a new poll that takes a look at the demographics of supporters of the Tea Party movement. They tend to be white, male, married, Republican, older than 45, wealthier and more

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-80023110314921611822010-04-08T17:26:00.001-07:002010-04-08T17:34:52.433-07:00

And don't getFrom a face you thought you knew ..."Those are lines from a poem by Jeffrey Skinner. And eerily they come to mind when I think about one of the more likely ways that 21st century radical conservatism will come to an end.For all the genuine and well-founded fears of violence against representatives of the incumbent regime (liberals, Democrats, progressives) or simply the regime

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-59424521149460951522010-03-29T08:51:00.000-07:002010-03-29T08:55:05.009-07:00

More fun stuff from Matthew Yglesias' blogThe Long View and the FundamentalsThe main idea behind both “psychohistory” and kwisatz haderach prescience is something akin to the idea that the fundamentals, rather than the backs-and-forths of the news cycle, are what’s driving history. The idea from Foundation and Empire that even though Hari Seldon couldn’t know the details of future imperial

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-40704008454418526162010-03-28T22:16:00.000-07:002010-03-28T22:20:32.255-07:00

An interesting take on the current scene and its similarities to the 1960s during the peak of modern liberalism - arguably "the peak."Remembering the Goldwater CampaignI think that to understand what’s wrong with the conservative movement today, you need to think about Barry Goldwater’s 1964 Presidential campaign. In ‘64, the GOP establishment felt that Goldwater was too radical. They said that

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-62015878753483845062010-03-28T13:26:00.000-07:002010-03-28T13:27:43.411-07:00

Frank Rich nails the big pictureDemographics are avatars of a change bigger than any bill contemplated by Obama or Congress. The week before the health care vote, The Times reported that births to Asian, black and Hispanic women accounted for 48 percent of all births in America in the 12 months ending in July 2008. By 2012, the next presidential election year, non-Hispanic white births will be in

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-25015101774635566882010-03-25T22:04:00.000-07:002010-03-25T22:12:46.839-07:00

Birth of Modern American Liberalism: FDR/TrumanPro Trend Correction: IkePeak of Modern American Liberalism: Kennedy/LBJReversal: Nixon/FordDeath of Modern American Liberalism: CarterBirth of Modern American Conservatism: Reagan/BushPro Trend Correction: ClintonPeak of Modern American Conservatism: Bush IIReversal: ObamaDeath of Modern American Conservatism: ???The best time to bet on modern

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-27916537225784046722010-03-23T07:21:00.000-07:002010-03-23T07:25:08.018-07:00

Some excellent observations from Paul Krugman recently in the New York Times say a lot about where we are, at least in the intermediate term, when it comes to sentiment.And let’s be clear: the campaign of fear hasn’t been carried out by a radical fringe, unconnected to the Republican establishment. On the contrary, that establishment has been involved and approving all the way. Politicians like

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-10114529616786945082010-03-21T17:54:00.000-07:002010-03-21T17:55:11.293-07:00

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-6474754693616677472010-03-09T16:35:00.000-08:002010-03-09T16:40:29.070-08:00

I don't read Stanley Fish regularly (meaning: at all). But this is the sort of thing he ought to leave up to mood moves markets. Depsite the existence of a single billboard depicting the ex-president's face with the slogan "Miss Me Yet?", there is precious little evidence for Dr. Fish's assertion that - as he predicted would be the case - "within a year of the day he left office George W. Bush

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-5911708247734757982010-03-09T09:26:00.000-08:002010-03-09T09:29:16.400-08:00

Apropos of yesterday's post.Kucinich Confirms His Opposition To Dems' Health Care Reform Plan--Even If He's The Deciding Vote

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-35814319266936081212010-03-08T17:52:00.000-08:002010-03-08T18:36:27.269-08:00

Of the many things for which I am grateful, the political education I received in the late 1980s and early to mid 1990s ranks high on the list. Without getting into specifics, I worked with some of the most tireless and most capable political and grassroots organizers around, helped man ("people") information booths, walked picket lines at 4 am, stuffed countless envelopes in a number of unions

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-43571974561079319632010-03-08T09:08:00.000-08:002010-03-08T09:10:26.326-08:00

From Krugman. This is the way the world ends for the modern GOP.Senator Bunning's UniverseConsider, in particular, the position that Mr. Kyl has taken on a proposed bill that would extend unemployment benefits and health insurance subsidies for the jobless for the rest of the year. Republicans will block that bill, said Mr. Kyl, unless they get a “path forward fairly soon” on the estate tax.Now,

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-16988516115648677742010-03-02T10:00:00.001-08:002010-03-02T10:03:38.991-08:00

This post by New Republic writer Jonathan Chait does an excellent example of sentiment often gets ahead of itself. There's a cruder term for this kind of thing. But let's stick with Chait's surmise:But the mustache-twirling bonhomie has started to give way to the realization that the legislative door to health care reform is wide open, and Democrats simply need to walk through it. By no means

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-67863263929542190112010-02-17T22:30:00.000-08:002010-02-17T22:37:22.156-08:00

International affairs version.Secret Joint Raid Captures Taliban’s Top CommanderWASHINGTON — The Taliban’s top military commander was captured several days ago in Karachi, Pakistan, in a secret joint operation by Pakistani and American intelligence forces, according to American government officials.The commander, Mullah Abdul Ghani Baradar, is an Afghan described by American officials as the most

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-12942208429993887332010-02-11T08:03:00.000-08:002010-02-11T08:10:07.980-08:00

Now Officials seek policy change after tunnel beatingSEATTLE – Three unarmed security guards were following orders last month when they stood by without intervening as a 15-year-old girl was badly beaten in a downtown Seattle bus tunnel. Now the company they work for and government officials say those orders should be revised.and Then.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-1378150477276151652010-01-31T22:22:00.001-08:002010-01-31T22:24:32.599-08:00

In the spirit of both seeing the president and vice president enjoying a Georgetown home game - and the "spending freeze" that sent the Left into convulsions earlier this week - I present to you the only kind of freeze that ever mattered in Washington, D.C.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-37008614611921058472010-01-31T15:24:00.001-08:002010-01-31T15:34:09.772-08:00

My guess is that the one-two punch of the president's State of the Union address and colloquy with House Republicans will serve to mark the bottom of the current downturn in social mood. We are seeing the appropriate criticism from the Left and the requisite sneering from the Right to make just this sort of reversal possible. Though I do wonder if some of those on the Left should be as eager

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-59808389951205663372010-01-21T14:07:00.001-08:002010-01-21T14:09:16.785-08:00

Air America Filing for Bankruptcy, Ceasing Live BroadcastsIt is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to carry out an orderly winding-down of the business.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-11846542158938202142010-01-21T08:57:00.000-08:002010-01-21T09:13:54.631-08:00

I've written before about the idea of corporations being the real "machines" of many a sci-fi distopia. Here's another line in that thesis:Court eases, business, union election spending ruleBy a 5-4 vote, the court overturned two of its own decisions as well as the decades-old law that said companies and labor unions can be prohibited from using money from their general treasuries to produce and

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-66870551262537393942010-01-21T08:47:00.001-08:002010-01-21T08:52:59.350-08:00

CNBC has already shown that they are ideologically opposed to the Obama administration. And this product of the recent giddiness over the Brown victory is very much to be expected.As was this:

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-7612198222073703342010-01-20T16:32:00.000-08:002010-01-20T16:39:19.596-08:00

The negative sentiment on the Left in the wake of the Brown victory in the Massachusetts special election is off the charts. Congressional Democrats like Barney Frank are all over the place in a panic (then again, his district apparently split down the middle between Brown and Coakley) and President Obama is not winning very many friends or influencing people with his continued conciliatory

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-37222351121820194802010-01-11T15:12:00.000-08:002010-01-11T15:19:50.779-08:00

A few thoughts on my point about the "if both sides hate you, you must be doing something right" truism.I think this is best thought of dialectically or, better, as a way that society ascends a Wall of Worry, the sort of nagging, minor (and sometimes not so minor) setbacks and mood downturns that accompany any long term improvement in social mood. The tugging of the anxieties of the political

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-4653333454632965592010-01-11T06:33:00.000-08:002010-01-11T06:35:39.554-08:00

Here is what I'm thinking we might see out of the Dow over the next few years. I'll have more explanation about the thinking behind this pattern - though some of it should be self-evident. But for now, here's the present picture:

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-11357484659082949752010-01-11T06:29:00.001-08:002010-01-11T06:29:41.851-08:00

Maybe it's because I've just read the 1,000 iteration of the president as a "child president" (and this from someone who was allegedly, "genuinely pleased" by the election of Barack Obama). But I'm increasingly suspecting that the earth-shattering ka-boom predicted by the Right, the Left and Robert Prechter (among many others) may be more delayed in arrival than I thought.It is a very old

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-82156064788074174362009-12-14T15:07:00.001-08:002009-12-14T15:08:44.145-08:00

Some interesting research on the world of deflation. Courtesy of Krugman:According to his paper, when you’re in the liquidity trap, certain kinds of tax cuts have perverse effects. Cutting taxes on capital income, for example, encourages more saving — which is a bad thing, because we’re suffering from the paradox of thrift. In fact, reduced taxes on capital income actually end up reducing

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-60319526598981944232009-12-04T21:44:00.000-08:002009-12-04T21:46:25.750-08:00

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-78616923577357795232009-12-01T16:55:00.001-08:002009-12-01T16:56:00.579-08:00

From a sentiment perspective alone, the fear and loathing surrounding the President's decision to send additional troops to Afghanistan is off the scale. Is there a single constituency that supports - to say nothing of supports, enthusiastically - this initiative?The smart money would suggest that things are likely to turn toward the better in Afghanistan - at least over the short term - as this

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-55966762926255884122009-11-30T14:00:00.000-08:002009-12-01T16:56:42.698-08:00

"Things to Come"Start with the short-term economics. What we’re in right now is the aftermath of a giant financial crisis, which typically leads to a prolonged period of economic weakness — and this time isn’t different. A bolder economic policy early this year might have led to a turnaround, but what we actually got were half-measures. As a result, unemployment is likely to stay near its current

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-19729003612130393562009-11-25T17:17:00.001-08:002009-11-25T17:22:24.015-08:00

For the life of me I can't understand why "The Awful Aughts" hasn't caught on as an appropriate way to think of life in the Western World during the first decade of the 21st century ...Maybe this will get the ball rolling.'Decade from Hell': Time Magazine Trashes the '00sCalling the 2000s "the worst" may seem an overwrought label in a decade in which we fought no major wars, in historical terms.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-62738523275840027782009-11-03T21:58:00.000-08:002009-11-03T22:04:10.484-08:00

The first chart (above) is a daily chart of the rally in the S&P 500 since the March 2009 bottom/lows to present.The second chart is a weekly chart of the rally in the S&P 500 from the March 2003 bottom/lows into the highs of October 2007.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-72155666990172185202009-10-19T12:45:00.000-07:002009-10-19T12:49:57.064-07:00

O' the Times.Zobacz więcej na www.streemo.pl

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-24323283982929451892009-10-15T07:50:00.000-07:002009-10-15T07:56:21.897-07:00

Wow. The latest from Huffington Post founder and publisher, Arianna Huffington. Recall, she is the sociopolitical supergenius who urged Barack Obama to show his "outrage, fury" during the final months of the presidential campaign.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-50134306615979272222009-10-14T20:53:00.000-07:002009-10-14T21:06:39.402-07:00

The conventional wisdom is that if the going gets tough, the people will vote Republican, taking out their ire on the incumbent Democrats by enthusiastically pursuing the only available alternative.Given the record of the alternative - and the relatively recent making of that record - I find this a little hard to believe. Instead, I think we're more likely to see more of this, as the modern-day,

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-8775022026865009462009-10-06T09:39:00.000-07:002009-10-06T09:44:15.435-07:00

Barry Ritholtz suggests that this cover from BusinessWeek is not a contrary indicator per the Magazine Cover Indicator rule because it is ambivalent about whether or not the stock market will advance or go nowhere.Of course, unsaid is the potential for the market to go DOWN. On that score, I think this cover is a contrarian keeper.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-71607513256540542752009-09-14T13:16:00.000-07:002009-09-14T13:18:54.824-07:00

Insofar as markets tend to move higher and lower than anticipated, I'm looking to stay long a little longer. But this above is telling.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-1862285206099132492009-09-11T19:59:00.001-07:002009-09-11T20:04:32.782-07:00

A small but well-made point by William Rulhmann of the All Music Guide on the transition from consensus to conflict as secular bull market periods become secular bear in this excerpt on original hard rock/heavy metal bank, Black Sabbath.Appearing at the start of the '70s, Black Sabbath embodied the Balkanization of popular music that followed the relatively homogenous second half of the 1960s. As

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-85122631795189256452009-09-09T10:38:00.000-07:002009-09-09T10:43:42.691-07:00

A takeover of human society by intelligent machines is among the most popular dystopian tropes going - from the Terminator to The Matrix. But I wonder if the "real" machine masters of our human future will be a bit less metallic and a bit more, er, mercantile?Top Court Questions Corporate Election CurbsThe U.S. Supreme Court, signaling it may make Sonia Sotomayor’s first case on the bench a

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-34441114339234808272009-09-09T08:36:00.000-07:002009-09-09T08:37:40.334-07:00

One person's "line in the sand" is another person's target.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-21562061558803993662009-09-08T05:00:00.000-07:002009-09-08T05:00:05.330-07:00

A few months back I suggested that a summer rally might be more likely than not - given the fact that the late spring of 2009 was characterized largely by fears of a re-test of the March 2009 lows.Since my post "Two Words I Haven't Heard Yet - Summer Rally" written back on May 18th, the S&P 500 has gained well over 11%.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-1748302649391781982009-09-07T20:15:00.000-07:002009-09-07T20:17:25.689-07:00

The analyst here uses the phrase "catastrophic" to describe the anticipated fiscal policy of the incoming DJP. Maybe that's because it's been so long since the yen in specific or the Japanese economy in general experienced any significant inflation that they can't bring themselves to say the word in the same sentence.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-74150668331649453722009-08-27T14:41:00.000-07:002009-08-27T14:44:55.225-07:00

From Bloomberg.comThere’s no doubt that the economic data that comes out is getting more and more positive,” said Tom Wirth, senior investment officer at Chemung Canal Trust Co., which manages $1.5 billion in Elmira, New York. “As that evidence grows stronger and stronger, people are going to feel better about investing in the stock market."

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-23803128644786046822009-08-26T14:34:00.000-07:002009-08-26T14:44:44.403-07:00

All the President's ZombiesWashington, it seems, is still ruled by Reaganism — by an ideology that says government intervention is always bad, and leaving the private sector to its own devices is always good.Call me naïve, but I actually hoped that the failure of Reaganism in practice would kill it. It turns out, however, to be a zombie doctrine: even though it should be dead, it keeps on

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-87147827806311306452009-08-25T14:39:00.000-07:002009-08-25T14:45:40.769-07:00

Huffington Post publisher Arianna Huffington, who famously - and incredibly - advised candidate Barack Obama that he needed to show his "angry side" in order to secure the Democratic presidential nomination - and beyond that the White House - is back with no less inane advice:Lessons in Leadership: Why Obama Needs to Brush Up on His FDRThe president, though a dedicated student of history, has

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-61367630251051699972009-08-21T14:06:00.000-07:002009-08-21T14:17:08.273-07:00

I love Paul Krugman. But it is clear to me that at this point, he is another bricklayer in the wall of worry.Obama's Trust ProblemIt’s hard to avoid the sense that Mr. Obama has wasted months trying to appease people who can’t be appeased, and who take every concession as a sign that he can be rolled.Indeed, no sooner were there reports that the administration might accept co-ops as an

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-46617734855326885992009-08-19T06:12:00.000-07:002009-08-19T06:16:00.649-07:00

Yglesias is probably too dismissive of Henley's anxieties here. But the basic outline of Henley's fears is something that will become increasingly more common as the bear market returns.Wednesday Dytopia BloggingHere's Henley:I think our future is Argentinian: a nation’s elites can have very nice lives for themselves if the commonality is financially secure and healthy, but history shows that a

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-1846747516288923692009-08-18T15:25:00.000-07:002009-08-18T15:28:32.888-07:00

Panic!Ahem, Paul Krugman recently wrote a blog post reminding Obama supporters who believed that a Hillary Clinton presidency would have been a lightening rod for conservative and Republican attacks - unlike an Obama presidency - that the Right was as likely to be as nasty to Obama as they would be to Hillary.Time has proven this to be correct. Funny how, in these dark days of liberal/

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-4496391037791526252009-08-18T11:30:00.000-07:002009-08-18T11:39:15.352-07:00

Funny HatsNoise-makers Colored Balloons

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-12198400124712090092009-08-17T14:36:00.000-07:002009-08-17T14:47:38.412-07:00

For what it's worth, The Huffington Post is probably the most alarmist political publication on the left. I'll never forget the brilliant insight from HuffPo publisher Arianna Huffington that the Obama campaign was floundering during the summer of 2008 because Obama was not showing his "angry side."Here, the reference to "celebration" was in the health care sector - which were the only stocks to

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-20179936747179374742009-08-16T11:15:00.000-07:002009-08-16T11:23:16.921-07:00

I'm actually thinking that any major Fed audit/disclosure - as sought by both the Chaotic Left (Bernie Sanders) and the Chaotic Right (Ron Paul) ( click here for explanation of geeky D&D reference) is more likely to come at the end of a major downturn in social mood rather than anticipate it. I would think that the growing suspicion that would be necessary to move the Congress to undertake such

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-91456063292794273302009-08-13T18:55:00.000-07:002009-08-13T18:59:55.406-07:00

A fascinating chart in a recent blog post from Paul KrugmanYou can clearly see the great era of the American working and middle classes: about 1944 to 1978. After that? Le deluge, indeed.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-21939699245377398632009-08-12T17:09:00.000-07:002009-08-12T17:13:59.627-07:00

In a post titled The Robustness of Bad Ideas, Matthew Yglesias points to this observation by Paul Krugman.academic belief in the perfection of financial markets survived the 1987 stock market crash and the bursting of the Internet bubble. Why should the reaction to the latest catastrophe be any different? In fact, what I hear from my finance professor friends is that there’s a lot less

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-83398458255643527462009-08-11T10:36:00.000-07:002009-08-11T10:40:59.938-07:00

If you're looking for a backstory to a potential long term bull market in the USD/JPY, then this isn't bad ...DPJ chief hits at 'US-led' globalismYukio Hatoyama, the leader of Japan's opposition Democratic party who is strongly placed to become prime minister after elections this month, has condemned “US-led market fundamentalism” and vowed to shield his nation from the effects of untrammelled

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-3310051273997072622009-08-09T12:32:00.000-07:002009-08-09T12:42:29.617-07:00

And the yen making a 20-day low to the downside against the dollar.

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-73251638812967313832009-08-05T06:02:00.000-07:002009-08-05T06:05:42.208-07:00

For all those who still believe that the current conservative era began with Goldwater ...A telling anecdote recounted by Pat Buchanan to New Yorker writer George Packer last year captures the dark spirit that still hovers around the GOP. In 1966 Buchanan and Richard Nixon were at the Wade Hampton Hotel in Columbia, S.C., where Nixon worked a crowd into a frenzy: "Buchanan recalls that the room

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-75172093248631517062009-08-04T10:25:00.000-07:002009-08-04T10:26:04.143-07:00

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-68154010403974979652009-08-04T05:52:00.000-07:002009-08-04T05:52:00.185-07:00

Funny I missed it, given the uptick in commentary over the past few weeks. But mood moves markets just turned six years old.For what it's worth, that's saying something in blog years. It hasn't been daily, but mood moves markets has been a regular blog since July of 2003, shortly after the Iraq War at a time when George W. Bush, the Republican party and modern conservatism as a whole was

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-40098807697276611572009-08-03T22:38:00.000-07:002009-08-03T22:49:04.732-07:00

I see that Elliott Wave Financial Forecast has a socionomic take on the death of Michael Jackson. I'm curious what they think, of course. But I'm pretty sure that I've drawn to key threads from it: the cycle of superpop heroes from Elvis through the Beatles to the King of Pop himself, Michael Jackson - and how U2 is likely the next (the new Beatles) to officially take the crown - and the role

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.comtag:blogger.com,1999:blog-5552129.post-80940067623362960342009-08-03T14:57:00.000-07:002009-08-03T15:01:17.476-07:00

Would look something like this. Plenty of upside for short and intermediate term traders (volatility withstanding). Until the EURUSD takes out $1.50 - which seems like a great place to run into final resistance - I'm still betting that the next long term move in the Euro versus the U.S. dollar is downward.That said, the trend is up: 20-day high back on July 19th was one among many recent

Dave Pennhttp://www.blogger.com/profile/14589670850573161338noreply@blogger.com