David Stockman Interview On HedgeEye TV: The Bubble Is Global And Its Already Popping

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Is the Stock Market Overbought or Oversold?

zerohedge.com / Excerpted from John Hussman’s Weekly Market Comment on 11/17/2014 14:34
The current market environment joins the full range of ingredients that have characterized the most extreme market peaks – and preceded the deepest market plunges – in more than a century of history. On the basis of measures that are best correlated with actual subsequent market returns (and plenty of popular measures are not), we observe the richest market valuations in history with the exception of the 2000 peak. Even then, current levels on the best performing measures are only about 15-20% below the 2000 extreme. Current valuations now exceed those observed in 1901, 1929, 1937, 1972, 1987, and 2007. The 5-year market advance from the 2009 low, encouraged by yield-seeking speculation, now places the S&P 500 at more than double the level that we would associate with historically normal returns. Put another way, we presently estimate S&P 500 prospective nominal total returns of just 1.4% annually over the coming decade, with zero or negative average total returns out to roughly 2022. These valuations are coupled with extremely overbought conditions and the most lopsided bullish sentiment since 1987. Bearish sentiment is now down to 14.8% (Investor’s Intelligence), close to the low of 13.3% reached in September. Prior to this year, the last two times we’ve seen such lopsided sentiment were the April 2011 peak (just before a near-20% dive), and the October 2007 peak.

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“V” Guerrilla Bombshell! The Mortgage Crisis And Funding Of Terrorist Activities

On Friday night, November 14, “V” The Guerrilla Economist and his guests Greg and Scott called for open and public Federal Joint Congressional Investigation Hearings and Testimony regarding “The Mortgage Crisis” and funding Of terrorist activities.
They have made a petition available online, and ask your participation. This Petition demand is, in part, based upon that certain joint IRS and SEC Whistleblower Package (IRS Claim Number: 2014-007601 & SEC TCR Number: TCR1400871145384) submitted on April 24, 2014 that disclosed, outlined, described and evidenced massive trillion dollar Federal Income Tax Evasion and Securities Fraud stemming from the 2008 Mortgage Crisis that is being currently perpetuated by the continued illegal and fraudulent securitization and sale of Residential Mortgage Backed Securities (RMBS).

This Whistleblower Package detailed criminal Federal Income Tax Evasion and Securities Fraud committed by several Major Financial Institutions including, in part, Ally Bank, Credit Suisse, Deutsche Bank, Residential Capital and its affiliates, GMAC Mortgage, Wells Fargo Bank, Union Bank of Switzerland, Homecomings Financial, L.L.C., the Depository Trust Clearing Corporation, Depository Trust Company, Cede & Co., Euroclear and Clearstream.

Copies of this same Whistleblower Package were filed simultaneously with all Members of the U.S. Senate, elected officials in the Executive Branch, thirty-six (36) Federal Inspectors General, the Appropriations, Budget, Energy and Commerce, Financial Services, Oversight and Government Reform, Ways and Means, and Small Business Committees in the U.S. House of Representatives. In their written responses, the Inspectors General of the DOJ, DOD, GAO and FTC have fraudulently lied and misrepresented their jurisdictionally mandated responsibilities and authorities by publically stating that the issues raised and voluminously evidenced in the above-referenced Whistleblower Package are not within their jurisdiction.

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‘Yes’ vote in Swiss referendum not certain to lift gold prices, Deutsche Bank says

LONDON — A vote in favour of boosting Switzerland’s gold holdings at a Nov. 30 referendum won’t necessarily lift bullion prices, Deutsche Bank said in a note, adding there was a “considerable” chance the motion would pass.
The Swiss National Bank could spread out its gold buying, take transactions off market, or use derivatives to cushion gold prices from the impact of a “yes” vote, Deutsche said.
The “Save our Swiss gold” proposal, spearheaded by the right-wing Swiss People’s Party, would force the SNB to hold at least 20 percent of its assets in gold, make it repatriate gold held overseas and commit never to sell bullion. …
… For the remainder of the report:
http://www.reuters.com/article/2014/11/17/swiss-gold-referendum-idUSL6N0…
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Pivot Points And Their Application to Futures Trading

Pivots Points are significant levels chartists can use to determine directional movement, support and resistance points. Pivot Points use the prior period's high, low and close to formulate future support and resistance areas. In this respect, Pivot Points are considered to be leading indicators with predictive qualities. Pivot Points were originally used by floor traders to determine key levels to enter and exit positions. Floor traders are considered to be the original day traders. They deal in a very fast moving environment with often a very short-term focus. At the beginning of the trading day, floor traders would look at the previous day's high, low and close to calculate a Pivot Point for the current trading session. With this Pivot Point as the base, further calculations were made to set support 1, support 2, resistance 1 and resistance 2. These levels would then be used to assist their trading during the day. In this technical piece we will be constructing weekly pivot points for next week's trade on some of the popularly traded markets.

Daily E-Mini S&P 500

According to pivot trading techniques there could be more on the upside for S&P 500 futures, possible up to the 2058.00 area.

Weekly Crude

All charts provided by QST Crude oil futures have been in a protracted decline since June. Pivot point analysis suggests futures may continue to decline to the pivot point support that comes in at 71.00.
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