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Monday, March 2, 2009

Market Crash Monday?

Friday has finally created a situation where I think any hope I have had on a market rally has been killed. My friend "Happy John" still has the hope. I do not.

Most of my money is in gold/oil, but some is in long valued stocks, such as UWM.
Monday Morning, probably even pre-market, I'll decide what I'll do.
From a chartists perspective, there is nothing bullish anymore. All major indicies have fallen below support levels. Next up is DOW 6K-4K range. Not saying its a straight line. There is no way I'll short this, since the risk is too great for a very hard reversal.

And at any moment, some sort of "stick save" could be made to turn everything in the opposite direction. Funny, the last 2 years corruption has held the market up, causing me to lose money, since I was short. Now the lack of corruption to keep up the market is causing me to lose money. I guess the greater context of the story is Obama administration is worse liars than Bush.

The irony is thats GOOD for America, since the sooner we face the music, the sooner we can get back to rebuilding.

So I'll still see what we face next week, but its about time for me to just ignore all but gold miners/oil for any investment, no matter how "good" it looks.

Some graphs in review, current S&P 500/DJIA as of Friday and the long term view.
From WebSurfinMurf's Financial Blog

From WebSurfinMurf's Financial Blog

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