Look buddy, when LU was in the mid-high 70's (mid-Sept), I was FLAMED for saying it would drop to mid to lower 50's, maybe even 40's. Well, guess what happened... 3 weeks later, boom, 53. But this was not a sole call on LU, it was a call for the market in general. A next leg down was forming... and the large caps were going to lead the way.
6mil volume today, average is 9mil and price went UP?????
Sorry, formula for bad news. Maybe not tomorrow, maybe not quickly either. But it will happen sooner or later.
I'm looking at 50,000 different variables. I was taught what to look for and how to find it by seasoned professionals, like my family. That's right, a family of investment bankers. So take this to heart: The markets general down trend is NOT over. We will see a steady decline in earnings for a while. P/E's will begin to mean something again. Rough times will be here for a while. The past few months have only been the birth pains of a raging Bear. This bear will continue to grow and exist through the next century. Who knows how bad it will get? But explain this: Why are project leads from Charles Schwab buying farms in Oregon? Why are senior execs moving on and/or stepping down - asking 'young bucks' to fill their positions? Imminent failure and disaster are knocking at the door. September was the MOST scary month in the history of the Market. Ask any banker with grey hair and he'll tell you that. We almost had a MELTDOWN. Greenspan HAD to cut rates a bit. And he'll do it again in Nov. His reason: "...to help cushion the falling economy..." |
