Calling 10500-10700 as the near term bottom.....however I would be surprised to see a quick rally back to the 11800-12,000 area 1st.
I think things are very bad, and may actually get WORSE than conditions during the depression for several reasons. We have had not only job destruction from slowing economic times, but an unprecedented removal of certain industries from the economy due to outsourcing. These jobs will never return, so the economy faces strong headwinds to "recover". Add to this the cost of energy, which affect the USA more than any other country due to the size of the country. And finally the problem of our currency & national debt. The country is not only sliding rapidly, but the recovery is going to be the tricky part.
Wild cards: Credit Cards & HELOCs. CCs didn't exist during the Great Depression. HELOCs didn't either. They did have pawn shops, though.
Mr. market he under a little pressure <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/UdaHCLlBkWU&hl=en"></param><embed src="http://www.youtube.com/v/UdaHCLlBkWU&hl=en" type="application/x-shockwave-flash" width="425" height="344"></embed></object>
The bottom is close and people like you will be jumping out the window because the writings are on the papers. The market ain't that obvious.
Please dont mention Credit Cards, I have been talking about this for the last 6-12 months, its totally getting ignored but that is the next major problem for this economy, is Credit Card DEBT, and credit card Delinquencies...
Closing in on $1 TRILLION worth of CREDIT CARD DEBT.... Dont ignore this, this will completely slow down consumer spending and drop GDP growth below 0%....... Anyone who thinks GDP isn't dropping below 0% is a FOOL.
There is a solution to the current Financial Problems that the World currently faces. The answer is simple. 1 All US forces within the Middle East, which obviously includes Iraq make a withdrawal and go Back home. 2 All other US forces around the world, also withdraw from where they are operating and also go back home. The financial Benefits of such a move would be lifesaver to a system which is deteriorating daily, if not hourly. 1. Oil would fall say $50 a barrel to under $100. 2. The markets will stage their biggest rally in history with the Dow exceeding the previous highs. 3. Confidence will be restored to the banking system worldwide. 4. The US dollar will make a significant comeback, restoring confidence in the ability of the US to remain a global power. 5. The US Budget deficit will be immediately cut as there wont be a need to spend billions upon billions of dollars on unnecessary wars. Lets hope those in Washington do something positive otherwise the whole world will experience a unimaginable calamity which will be talked about centuries after we have departed from this world to the next!