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Thursday, January 15, 2009

Brutal

The market collapse has been brutal and with force. The graph I keep bringing up shows that when the blue trend line was broken, it was really time to get out. And now, we are on another historic support level, and the after hour news has been horrible.
Oil & GDX hasn't been hit that bad, but many other stocks where destroyed. Gary of Smart Money Tracker was right...again.

Earnings reports where bad, and to throw fuel on the fire, some other news. I'm running for the hills, hit out of some positions today, probably hit out of more Thursday. If we close below DOW 8,100 tomorrow, look out, we could collapse.

Retail sales down 2.7%, more than expected (start of crumble today)
Steve Jobs of Apple taking extended leave through June.
Bank of America needs funds ASAP
US report warns sudden collapse of Mexico is possible
HSBC needs 10-20 Billion dollars in cash and to half its dividend
PMI mortgage insurance co states housing to continue decline into 2010

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