Wednesday, December 3, 2008

Market Mahem


The Stock Market continues to be volatile, as long as the market remains above DOW 7,552 on a closing basis, I believe the market will continue to go up through January.

See chart on right for current support/resistance lines. Notice on Monday the market stopped it's downward decent by the previous resistance line of 8,135. This is a very bullish signal. DOW 9650 is possible, and I'm banking on DOW 10K.

Latest News
Public Schools ask for bailout money - My Spin - I blogged a while ago after the US dumps its cash at the financial industry, the US will find itself strapped for cash for basic services in the future.
RIMM issues Q3 warning - My Spin - I held this stock sooo long as a short, and of course, got out just before it cracked from 95 down to 40....headed for 9
Article on Fed cutting rates risks Japanese style recession - My Spin - Japan's recession lasted 10 years due to fiscal cover-up, like the US is doing now.
Bed Bath & Beyond warns - No spin, expected by everyone but accountants at BBB
Goldman Sachs may post 2 Billion dollar loss - My Spin - No Problem! Paulson will give 5 billion to cover the loss plus a little extra for his buds.
Chrysler sales off 47%

Layoff Conga Line
US Steel to "affect" 3500 workers by idling plant

I found this video HYSTERICAL, reminds me of my rants over the last 3 months....

2 comments:

  1. Is the market discounting recession/depression? I dont think so. We see 90% down days over and over. All we are seeing is counter trend rallies. What makes you expect rally till Jan?

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  2. Just saw this comment Rainman. :)

    I expect a rally with USD going to collapse, and continued Fed tricks to occur. See my blog post on 12/8/08

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