Hi James, I didn't realize that consumer confidence has been shaken as badly as you described. However, I can sure believe that it has been shaken. Give what you said, I think Greenspan is/has achieved his objective of curtailing the "wealth affect" that he has spoken of so often. Given this is true, he may back-off the rate hikes in the near future. However, I do expect that the Feds will hike the rates two more time for 25 basis points per hike.
Your comments on the support levels for the Nas are correct. I've check them myself. I think Monday will see the markets opening way down. I sure believe that a lot of margin call went out this weekend. I'm hoping that by mid-morning, early afternoon the markets will stabilize and by close have made a decent recovery.
If Tklc were to miss earnings, I hate to think what will happen. If they make or beat earnings, we may see the stock show a decent gain...however, this will depend on the market's mood at the time earnings are reported. Sure is not a pretty picture out there. Given the markets performance over the past few years, I guess we can't really be to surprised with respect to how things have been going for the past few weeks.
Good luck to all of us.
Stock Bull |
