Dwight; RE:" N225 "
>btw, Nikkei closed up over 200 pts...
yeah, noticed that, Dwight - DAX orbiting ~4700, about -2.5% down. They appear to be reacting to the SPOOs indicating ~150+ point open on the DOW. USD still weakening.
>Were you calling for a global depression in July ?
No, Dwight - I was not. I was beginning to suspect that the commodity prices (going down) were indicating some kind of fundamental changes. In July, we had four legs holding the market (indices) up: TechStocks, DRG.X, RLX.X and NF.X=BKX.X/IUX.X/XBD.X sectors. I saw the financial sector leading the indices down from mid-July, but I did not react in any way until they broke their UpTrend Lines - which surprised me.
My essential concern (today) is the RLX.X - Retail sector, Dwight. I suspect that employment has peaked, so I expect retail and discretionary spending, disposable income to decline from here. Should we lose the American consumer, I don't think we will have enough "legs" for the market to stand on.
Anyhoo - oversold is understatement (!) and we scalp the bounce, sell into any rally, n'est-ce pas ?
-Steve |
