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Pastimes : THE SLIGHTLY MODERATED BOXING RING
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To: Lazarus_Long who started this subject4/25/2002 9:07:17 AM
From: Poet  Read Replies (1) of 21057
 
Here's a paragraph from Richard Hahn's market site on the state of the stock market. I don't know how many people here are still actively trading, other than marcos and me, but for those of you who have positions in the market, now that major support areas were breached yesterday and the weakness in the Dollar portends a bad time in the markets:

The stock market is in big trouble. The technical picture became worse with today's decline. The US dollar is in a clear downtrend. Remember the huge trade deficit the US has been building for years? The strong dollar has encouraged imports from other countries, with the biggest single item being crude oil. The massive trade deficit has not been a problem, because the exporting countries were kind enough to send the dollars back to our economy as investments in US equities and fixed income securities. The inflow of imported goods held down any inflationary pressure. During most of the Clinton years, we had low inflation and a bullish stock market. A sudden drop in the dollar changes everything. While some US exporting companies may suddenly do better, the stock market is vulnerable to the repatriation of foreign funds. The suppression of inflation may have ended and the big inflow of funds to the stock market may shrink. This is a case for higher gold prices and a long term bear market in stocks.
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