It looks like the BOGUS GDP number wasn’t taken as well as the government’s “ELECTION LOCKDOWN” team would like. Nor is the dramatically lower 4Q earnings revision by the “SURROGATE PPT” – APPLE, which constitutes a ridiculous 20% of the NASDAQ. In fact, chatter is spreading that Apple has reached the “Microsoft plateau” – at which point growth slows, and P/E ratios contract.
The recent Cartel SMASHING of PMs looks to be long in the tooth, as the “Commercials” already started covering, and prices have stabilized; with $1,700 gold seeming to hold as rock solid support and Euro Gold having reached its most oversold level in 3+ years – without having even approached its 200 DMA.
One more week until the election; after which; methinks market PERCEPTIONS will dramatically change – starting with the upcoming U.S. “fiscal cliff” and debt ceiling debacles.
Andrew C. ("Ranting Andy") Hoffman, CFA
Miles Franklin Ltd.