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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: nspolar who wrote (8432)	11/19/2007 4:16:48 PM
From: MulhollandDrive	Read Replies (4) \| Respond to of 33421

lol...ron insana just said we have another imelda marcos closet full of shoes to drop.... also think most people, even if they pride themselves as being chart technicians, knowingly or unknowingly try to relate what is going on with that end to the underlying fundamentals. exactly....and time and time again, i see bullish analysts saying no recession, they just don't believe it...one guy even went so far as today on the trading floor 'i won't believe the US consumer is going to roll over UNTIL I SEE IT' well gee...spoken like a true believer, eh? i'm going out on a limb here, but i think that retail is going to be much worse than is currently priced in....consensus view that i keep hearing is that spending will 'slow' but no recession. i think the sales comps yoy 4th quarter will be extremely bad. credit issues will continue to plague the consumer, along with wealth destruction in housing, i just don't see a 'somewhat' weak retail 4th quarter, i think it's going to be UGLY this scenario reminds me so much of the tech crash going into 2000, capex spending was rolling along and then it just hit a WALL, people keep 'betting on the resilience' of the consumer, i'm taking the opposite view