Is there anything coming out we didn't already know or anticipate?
I think not.
We could test yesterday's lows on the broader indices here if we move below 839 SPX.
I mean, really, most of the banking system is insolvent, unemployment is headed to 12.5% by 2010, states can't pay their bills, housing still has another 15% drop ahead, incomes are falling, capital spending is nonexistent, housing starts are almost 5X lower than 2-years ago, deflation is settling in, commercial real estate defaults are just getting started, industrial production is still drilling down, frugality is the rage, and much of the world is in the same boat as we are.
Really, there is nothing coming out of the wires that should surprise anyone who has been paying attention the past couple of years.
What should surprise people is how the market will turn around next year while the economy is in the dumps. |
