weekly stochastic bear crossover on NazComp
daily price movement has stalled and retreated at the bunched moving averages
18day, 30day, 50day
weekly price movement has not been able to rise above certain moving averages either
on a weekly basis, the stochastics have crossed in a bearish way
dunno about a target, but 1500's look likely to me
I personally dont believe one iota of the media and pundit nonsense about turning the corner, making the bottom, beginning the recovery
no evidence whatsoever on any such thing
how many times must we be subjected to salesmen on TV?
they seem to specialize in hope and cheer, but no facts
V-shaped bottom bolstered by Fed stimulus?
I dont think so
layoffs are accelerating, business is deteriorating, bankruptcies are increasing, leading econ indicators are largely negative, losses mounting, confidence eroding, factories idling further, housing slows finally
all world economies are declining in unison while Europe stupid bankers keep rates too high
can you believe these fools believe inflation is a risk?
how about looking at your 8-10% unemployment
so Europe is stupid with rates
and Japan is stupid with reform
and USA is under attack while dealing with overcapacity
oy veh
the last pillar holding this economy up has been realestate
few pundits talk about it much anymore
but its foundations are being shaken terribly now
despite lower rates, prices are dropping on high end
commitments to longterm purchases are too hard to make nowadays
the Fed ignored an inverted yield curve from May2k to Jan01
since WW2 such inversion has correctly predicted a recession 10 times, and predicted its occurrence within one year's time
the events of NYCity and WashDC only nailed the coffin closed on a recovery
this is gonna be a tough recovery, very tough
Warren Buffet thinks "long deep recession"
Jacky Welch thinks "jobless rate peaks at 6% at least"
JW chimes sadly "Fed stimulus makes 15 drops in the bucket"
lastly, this war is possibly without end and without much in the way of victories
a shadow enemy whose behavior most resembles a VIRUS
I only hope the World Series goes off without an incident
I want the Yankees to lose
I dont want to lose Yankeee Stadium
/ Jim |
