No, I'm not talking about this stuff:
The Turd has a little Danish blood in him. At Christmas, my Danish relatives would serve "braised red cabbage", as if it was some kind of holiday treat. They called it "Oink Oink". Looking at it now turns my stomach just as much as the real thing did 30 years ago.
Equally nauseating is this next picture of "Oink Oink". It's a weekly chart of our friend, Pigatha Christie.
Why is this so sickening you ask?
July 2008: Just as the POSX looked prime for a collapse, the "Great Financial Crisis" emerges to allow The Pig to catch a safe haven bid. It proceeds to rally 25% over the next 4 months.
December 2009: After double-topping in early 2009 near 90, The Pig has collapsed to near 74. All seems lost. Commentators are calling for the imminent end of the dollar and speculation arises that the dollar will soon replace the yen as the funding vehicle for the "carry trade". NOPE, and you can thank MOPE. A relentless media barrage develops that trumpets "green shoots" and the coming "recovery summer" of 2010. Shorts are squeezed in a 20% rally that extends back to the early 2009 highs of 89-90 on the POSX.
August 2011: Just when all looked lost and a re-test of the March 2008 lows seemed a virtual certainty, The PIG magically reverses and has now rallied 10% in just 6 weeks on renewed concerns for the longevity of the euro.
Now, you can say that July 2008 was a natural market reaction to the enormous uncertainty created by the financial crisis. OK, I'll give you that one. But the next two are clearly manipulated events, manufactured and timed to create a false sense of demand for the dollar, thereby "buying time" in an attempt to postpone indefinitely The Pig's eventual trip to the slaughterhouse. Of course, I could be wrong. Maybe this is all just a coincidence...
A couple of other things. First, I received via email this latest missive from Ned Naylor-Leyland of Cheviot Asset Management in England. It covers many of the subjects we discuss here so I thought you'd get a kick out of reading it.
Lastly, just a reminder. When participating in this site, you are a part of a public forum in the public domain. Though we all enjoy the freedom to speak and freely associate with each other, you should be well aware that there likely be, from time to time, Orwellian monitors of this site and others. I do not believe that is something of which we should be fearful but it is definitely something of which we should always be mindful.
Have a great evening. TF
