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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: Lachesis Atropos who wrote (37494)7/7/2002 3:17:42 AM
From: Johnny Canuck  Read Replies (1) of 68216
 
Hi Lawrence,

We have been talking about when the consumer will hit the wall for months now. It is interesting to see some press confirming the view starting to come through. I wonder what it is like in other parts of the country?

Interestingly, Canada is going the other way right now. The low interest rates and record job creation in the East is creating an artificial sense of optimism. Building permits and starts are still going through the roof. Funny thing is that in BC, layoffs from the government sector are at a record high and it looks to accelerate. The new Liberal government gave everyone a tax cut and promptly clawed it back by doubling health premiums. They are also for a smaller government, but will run a record deficit. That is after accusing the last government of being free spenders . Thats politics for you!

I was a party the other week and was talking to a pulp and paper consulting engineer. Amazingly, he said the price of pulp had finally started to firm and his firm was going from months of everyone working 3 day weeks to being probably understaffed in about a week of so. This goes against the increase in mortgage defaults you are seeing in your part of the country. The Canadian and the US economy are definitely out of synch right now. I would guess so goes the US economy, so goes the Canadian economy. It is just a matter of time.
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