VT, I can probably add a few more words, if you don't mind... Before I make an announcement that I'm stalk raving bullish and I'm going wild over tech, I usually like to look over a few charts. BKX happens to be one of them:
stockcharts.com[l,a]waclyymy[pb50!b200!d20,2][vc60][iUb14!La12,26,9!Lg]
Massive lay-offs across the country in all industries will create havoc on our financial institutions. I’m sure you can imagine the upcoming stories of credit card defaults, home mortgage foreclosures and auto repossession? If you combine the total debt of the telecom sector, California's utilities and Argentina - debt exposure by the North American banks is, well, unimaginable. Could there be a potential write down?
Presently the dollar is wildly over-valued in regards to the record U.S. trade deficit with the rest of the world. The Fed needs to devalue and stabilized the currency before there is any possibility for U.S. based companies to exist, let alone expand and export.
Does the U.S. dollar look range bound to you?
stockcharts.com[l,a]waclyymy[pb50!b200!d20,2][vc60][iUb14!La12,26,9!Lg]
The best I can tell is that we are going though a transitional period, according to the API/AGA, economic growth in North-America has come to a stand still. I don’t see any bullish trend forming in base metals; semi-conductor book-to-bill isn’t worth a damned and for the sake of austerity, I returned my cell phone. :)
Got Gold?
Regards
Frank P. |
