Jim, I doubt they would cut rates here, as the FED still feels stocks are overvalued according to the model they use. And not before the election.
Besides, this shakeout is good medicine, things were getting ridiculous, the covers of magazines touting 25 year old retirees, telling everyone retire early and rich. Wall Street did it's job and sold, sold, sold. Maybe now people will realize the so called "experts" from the street are there to part you from your money....Either think independently or be eaten.
A whole lot of technical damage today, really ugly.
I hear fund cash-outs are going through the roof. No surprise..
A whole year of gains, poof, gone for some...Buy and hold sure ain't the way of the new year.....
I am still looking for some leadership that could turn the market around, still do not see it.
My long NATGAS futures are now $5.64 on the Nov. contract.
Heating oil is $1.08 There is going to be some screaming this winter....
And this is a must read, 6 Americans taken hostage from an oil company camp>http://news.bbc.co.uk/hi/english/world/americas/newsid_969000/969526.stm
To understand the current market situation, I suggest a book called The Money Manias, by Robert Sobel, copyright 1973. A library or used book store should have a copy. |
