Mav - Wed, 23 Jun 2004

The best breaks to find are usually those into all time new highs, as there is no so called 'overhead resistance' on the break. Even better if there is a recognizable pattern involved. See mav. I believe it is worth while to spend an hour or so a week scrolling thru your charts to see if you can find one or two such patterns. There are usually a few a month. But if you miss them, then there is always the new highs list. Keep in mind how the chart looks before the break, as this is what you are scrolling for, refer 'mav prior to break' chart. I am in it, just so you know my interest, let us see what happens. All stocks trending up had to make a new all time high at some stage in the past.

To matters more economic:
The only ever mention in US or European papers about Aust this year that I have seen so far, reported April 8 in the Herald Tribune, as follows: "A candidate for higher office in Australia, especially one hoping to be prime minister, is rarely taken seriously until the home-born international media magnate Rupert Murdoch shows interest..." It was Lachlan that met him of course, at the Murdoch ranch. Our current PM visited his boss George at the White house just last week, and had the Australian chief diplomat organize a party later in the evening for just a few select guests, chief among them Rupert and also the CIA chief Tenet who had just that day resigned. Good to see the Newscorp chief busy protecting the value of his govt granted licenses for shareholders, (and keeping up to date with the latest intelligence), and teaching his son the ropes in the process.

The British fire union - 55000 members - has just cut its ties to the UK Labor party after an 85 year alliance. This is something you see in the second half of the property cycle - labor gets squeezed on two fronts simultaneously now, rising rents and living costs from higher land price, and continuing efforts by business to cut its wages expense. More to come of this in the next three to four years.

So both Bush and Kerry are "Bonesman" - would you believe it - see the book Secrets of the Tomb, by Alexandra Robbins for more on that one.

The US army has a bullet shortage, and has asked private contractors to help out producing more, up to 500 million more each year for the next five years. Financial Times, May 27. "We're using so much ammunition in Iraq there isn't enough capacity around" said one industry analyst. Military spending adds to the expansion of credit, and with low interest rates... several years left in the cycle yet.

Lakshmi Mittal, Indian-born steel billionaire just paid 70 million pounds for his London pad - now the world's most expensive house. When this happens, all owners of property immediately raise their expectations of what surrounding property is worth - again confirms the cycle has a few years to go yet. Property will stop rising - at least the record prices paid, about two years prior to the panic historically

To matters more philosophical:
France is going to great lengths to ensure no repeat of so many deaths due to the hot weather of last summer - advertising the location of cool church buildings, keeping plenty of water available etc etc - which confirms of course that it will be a cold summer - as we are all preparing for a hot one.

Did the earth move for ya Nancy ? (Simply Red, about the Reagan years) At least they made us laugh, if the situations were not so serious, it'd be really funny:
Nancy was known to cancel or reschedule her husband's appointments if the stars were not aligned properly - well i can't have a go at that one can I ? When journo's once asked her opinions on red China, she said "never on a yellow tablecloth."

And this one;
far worse in Gann's day, which is why he wrote cryptically on occasion

Another site, interesting journalism, and well worth a good look

So Mr Chalabi, that old bank robber, was caught handing over secrets to the Ayatollahs. Said one wag here, perhaps he was telling them the US would be easy to conquer and that the Iranians would be greeted as liberators...

The EU here is trying to get its "savings tax" up and running soon. Luxembourg does not tax the interest earned on bank accounts, so, you guessed it, most richer citizens in the other EU countries have a Luxembourg bank account, though it is illegal for them to do that. Governments now want the interest declared, hence the new tax, but enforcement is reliant on the Lux and Swiss govts (the swiss are not in the EU) signing up to the new rules, which they look set to do.
Luxembourg banks have however begun advising clients, it is reported, on the loopholes available to avoid the new tax...

MAV, prior to break - PDF

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