Charts: Large caps and mega-caps have been exhibiting stalling behavior, which is bearish. When the S&P 500 hits 1150 volume goes up and it churns futilely against resistance without breaking through. It would be much better if volume were to fall off as it bumps against resistance. The mega-cap Dow is showing an even worst stalling pattern, small caps not so much.
Geopolitics: Last week VP Joe Biden and Israeli PM Netanyahu were getting ready for a state dinner in Israel when both men learned that Israeli Interior Minister Eli Yishai had (from out of the blue) approved 1600 new settler housing units in E. Jerusalem. Netanyahu was as shocked as Biden and the unprecedented action by the notoriously ultra-hawkish Interior Minister amounted to a palace coup. Biden reacted poorly to this hand grenade by cravenly begging the Palestinians to not cancel the opening of peace talks. Biden should have stormed angrily out of Israel and threatened to cut off military aid. The next day Hillary salvaged the situation somewhat by using the strongest anti-Israeli language ever recorded by an American diplomat. The above incident supports my theory that the CIA has been stepping on Mossad over the last couple years. Palestinian/Israeli peace talks are sure to be scuttled, a victory for Israeli hardliners. On the other hand, Mossad and the other hardliners are playing a dangerous game and putting a lot of faith in pro-Israeli lobbyists in America.
Russia and India had their big powwow and the Russians left the meeting wondering if India had gone insane. India says it will buy $15 billion worth of Russian warplanes and 19 Russian nuclear reactors (worth maybe $60 billion). Then India proposed an anti-Taliban/anti-Pakistan/anti-American military alliance consisting of Uzbekistan, Tajikistan, Russia, and India. In panicky and hysterical tones India explained that America was about to realign the Taliban with Pakistan, pull all its troops out of Afghanistan, and turn the whole region over to Osama bin Laden (!). Russia wants to take as much money from India as possible but wants nothing to do with this bizarre idea of a new anti-American military alliance. A couple days after the Russian/Indian meeting Russia and America made big strides in perfecting the START anti-nuclear missile treaty, a move toward cementing the fledgling Russo-American alliance and probably Russia’s way of subtly sidelining India.
Like Israel, India is playing with fire and here’s why: The biggest single insurgency in the world is India’s huge Maoist separatist movement, which is gobbling up territory in the Asian giant’s interior. India’s Maoist guerilla movement is bigger than any one Islamic separatist movement, but it is mostly contained to India, and definitely not linked to the global Islamic revolution. Obama’s CIA is as ruthless as Eisenhower’s CIA of the 1950s. If the ruthless spooks from Langley were to turn Indian Maoist guerillas into good bad guys, it would create an ocean of pain for India.
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