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August 25, 2009


Ben Bernanke was nominated for a second term as Chairman of the Federal Reserve Bank of Obama Nation. This event itself should be enough to assure triple-digit silver along with $3,000 gold. I nearly laughed aloud at parts of Obama's speech, particularly the part where he described Berskanke's dedication to study of the Great Depression and then noted that it could not have been predicted that he would oversee attempts to prevent another one.... Oh, Really?

A thought occurred to me today regarding the approach of the S&P 500 to its 75WMA. The average is currently posted as 1044.08, but keep in mind that the number is calculated based on each week's closing price. The average is based on the current close for this week, but that number is subject to change until 4p Friday. If the SPX drops into the end of the week, 1044 could easily become 1038, meaning we may have already tagged the moving average! In any case, I don't intend to get aggressively short until the index loses the 65DMA, so there is plenty of time to observe this curiosity.

The final curiosity comes from Atilla over at XTrends. He notes that the S&P Mid Cap tagged a long-term trend line today, topping at 666.01. Given that the SPX bottom in March at that demonic level, it would be quite humorous to see the rally end at the same place.


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