We oppose the imposition of taxes on banks that the Obama and Brown Administrations so openly support, and we applaud the rather open opposition to these taxes that the government in Ottawa so openly is opposed to. Canada has run its banking situation far better than has any other of the G-7 or G-10 nations, and now these other countries wish to force Canada’s banks to “pay” for the collective lunacy of the rest of the world’s financial idiots.  Stand tall, Canada, and oppose this issue – Dennis Gartman of the Gartman Letter 04/23

(Last time we heard from “Cameroni,” his downbeat economic forecast for Canada drew a deluge of responses in the forum, both pro and con. Things have only gotten worse since, he says, and Canada has now edged perilously close to the deflationary abyss that threatens to engulf so many other countries. Below is Cam’s up-to-date assessment of Canada at-the-brink. RA)

Several weeks ago I wrote a letter that was published on Rick’s Pick’s under the headline “Canada Won’t Escape Drag of a Slumping U.S.” Since that time there has been a torrent of media analysis of Canada’s housing bubble from both within this country and from U.S. media. There has been a surprising and candid response by the Chief Economists of TD Canada Trust and the CIBC, two of Canada’s large banks. Who knew that Rick’s site was that influential?

There is clearly a keen interest in the U.S. about the state of the Canadian economy, and until now few have questioned how we Canadians have achieved so much, so fast and turned in such an impressive economic performance, particularly as it occurred during a major global downturn. These additional remarks will hopefully shed some light on those questions and, while written for a Canadian audience, will likely resonate with our Southern neighbors who have already seen this story play out in their own backyard.

….read more HERE

Let me start off by saying the market should be correcting.  Sentiment has reached ridiculous bullish extremes, the kind of extremes that led to the January /February correction. 

That correction separated the second leg of the bull from the third.  But let’s face it, sentiment has been in this condition for several weeks now and the best we could muster was a minor correction of 30 points on the news the SEC was filing charges against Goldman Sachs for fraud.

We’ve had three opportunities to “sell the news” with the April jobs report and recently with INTC and AAPL earnings.  None of them have panned out.  The market could use the Greek excuse as a downside catalyst, the same as it did in January.  And now Greek short term bonds are tanking as the EU waffles about writing that check in front of the German elections in May.

All in all it boils down to the market has had every chance to correct and it has failed to do so.

Last month I speculated that we were On the Brink of an Asset Explosion. Well, we may not be on the brink anymore. We may very well be moving into the heart of the explosion right now.

We’ve just seen one of the most powerful rallies out of a corrective low in many years. Until Friday the market had held above the 10 day moving average 42 days in a row. That’s the longest stretch in over 10 years. Since the February 5th low the market has risen 71% of the time. That’s the kind of stuff parabolic blow off tops are made of.

I don’t really think we are in a parabolic blow off top just yet. What I do think is that we may have entered a runaway move similar to the August 06 to February 07 time frame.

……read much more and view 6 more charts HERE

by Toby Connor of GoldScents

A financial website dedicated to analyzing the stock market and the secular gold bull market.

It’s been, an interesting week as stocks and commodities claw their way back up after the end of week sell off on Friday. Most of the chart technical are pointing to another wave lower for gold, silver, oil and the broad market.

This next wave of selling would form an ABC retrace pattern on the commodity charts and this pattern is bullish. Also commodity prices would drop to key support levels which would most likely provide a low risk entry point depending on the price and volume action at that time. So lower price is good for the big picture which is higher prices.

The charts below are a quick visual of what I am seeing and thinking…

GLD – Gold Exchange Traded Fund Trading Chart

The gold etf trading fund is getting closer to completing is 4 month correction and start another rally if all goes well in the coming week or two. What I am looking for is gold to hit resistance at $113 and then drop to the $110 level which is a key support level.

SLV – Silver Exchange Traded Fund Trading Chart

SLV etf fund looks ready for a pullback also. Both gold and silver tend to move together and support would be tested here also.

…..read and view more charts HERE