Hmmm ... IMHO if the US goes down then globalisation will fail and with it the foundation blocks of Capitalism due to emergance of the next world order in waiting ... superpower in China and Neo-Communism.
From a previous post and chart the DOW 2004 was a disaster in the making and yet makes an outstanding recovery just in time for the GWB re-election campaign. This recovery could not be sustained because US economic fundamentals depend on a GDP comprising 65% debt consumption. A crack in the dike came by way of Korean CB threatening to dump the US dollar causing a near instant 10% drop in the DOW.
Iran would love a stoush with the US which would trigger economic/political suicide seeing the US fail and expelled from the Middle East for all time and succeed in creating a third global Islamic bloc sitting on the bulk of remaining oil reserves ending the Oil era.
I mentioned the battle at DOW 10200 previously and IMHO is part of a bigger picture ... noteworthy the current battle has lasted nearly four weeks and evidence is the highly reactive nature of day/day volatility ... Fridays 172 point positive reversal was on a single GDP number outperforming analysts predictions by a mere 0.02% for the June quarter ... not forgetting that US GDP growth is debt driven not productive capacity.
Friday's close above 10400 should be regarded as a relief rally ... the 10200 level due to the broader trend is now just as important as previous 10000 ... the bulls should be aware that the triple-top at 10700 is still there.
Closer to home ... IMHO Howard's IR reforms are indicative of Govt knowledge that western economies are heading towards melt-down.
Cheers ... tight stops.
This is only my view ... read the red stuff.
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