I see alot more downside. There is just too much momentem and domono effect fueling this thing lower. The consumer is in a lot of trouble and it will filter its way into every nook and cranny of the economy before we are done. commercial and residential realestate has alot more bleeding to do and credit card default will become a much bigger part of ballance sheets in the next several months. I have been involved in the market since 1986 and I have never seen things this bad. I would like to be optimistic but what I see scares the hell out of me. The cascading effect is in motion and its not over yet. Fasten your seat belts. good trading all
yep, and the harder Paulson, Bernanke, and the congress push against the momentum the worse the final push down will be.
In 2002 after they got tired of "end of the world" it morphed into "secular bear market". I got so sick of that expression it was unreal... in the early 90's it was "nosebleed levels" ad nausea... they were so wrong it was hilarious. I have a book by Prechter that was selling in 1996 that predicted pretty much the end of western civilization in 1995!!
last time banks were hit this hard was 1990-91...the end of the world was being called then also...banks were collapsing...citi and chase were around 7$...but the fundamentals were not half as bad as what we have today...most traders under 100yrs of age have never seen this kind of financial chaos with the economic system...this is unchartered waters..
You apparently don't understand how and why "this time it really IS different"... and the ramifications. Not "end of the world"... though perhaps a 4-5 year decline which will at some point be called "Depression".. But then again, with NObama at the wheel, it truly COULD be "end of the world"..
Question is, how much of the bad news is reflected in the current Markets? I would say, I have no idea. Everyday, more and more bad news comes. New's that the market does not anticipate. Who thought Paulson would reverse his position? We can't stay green, look at today? Bottom is no where near sight. OBAMA is a big ? Nationlization of how many industries is a big? Climate is far far different than 2002.
dont forget,this crap was brought to you by bush not obama.You will give him credit when the economy turns around i suspect,right?