Monday, May 23, 2011

23 May 2011

McClellan Summation got hammered today - rate of decrease increased again.  SPY closed below 50 day SMA and appears to have broken through the trendline supporting the 2010, and recent 2011 lows. 

Not much you should do here because you should have already closed most longs a few weeks ago.  I was wrong about miners at that same time because I knew they topped last (we still have time for that), but I also got out of most of those about two weeks ago at small losses.  I have kept TRE from that post, but that is it.

"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years.

Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage."
Attributed to Alexander Fraser Tytler; Unverified per the US Library of Congress.

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