Seems like there's been close to zero good news, lots of bad, thunderheads at all compass points, confidence in the Bush economic team making lower lows, confidence in the foreign policy team endangered - not least where economics and foreign policy intersect - Chick Hearn gone (RIP), South America about to go under, Europe doing worse than we are, the ME in flames as usual, Al Qaeda still a threat... and umpty-billions in fresh buying having followed the supposed bottom a week-and-a-half-ago - that already has turned out not to have been one on the NDX, for one...
Did you happen to catch the CNBC graphic on restaurant stocks, some of which were up today: "People are still eating." Yeah, but for how much longer, hm? Others claim "no sectors closed positive."
Seems like it wouldn't take too many more shoes on this centipede to come down, and bring forward the mother of all capukelations... As RWR liked to say, "You ain't seen nuthin yet!"
Of course, I suppose the lows on the DJI and S&P might still hold... and the super-mega-h&s might just be too lopsided and overdrawn to count... and this may just be the second wave of negative sentiment... even if it is a tad early for the second part of a double bottom...
...how's it hanging over in Pacoima? |
