OK, so what price point are you using as a reference point to tell you you are wrong? Or do you just use Google news as a magic indicator?
A cheap dollar is bullish. Exporters benefit the most form it. With the US economy slowing a cheap dollar necessary to prevent an actual recession. large cap technology in particular is benefiting from a cheap dollar. Retail and financials are falling, but it is not a big deal. not only will cutting rates lower the dollar but it will spur economic growth.
when a reputable financial news source such as Bloomberg, WSJ, FT reports it as such . If a bear market does happen it will make headlines.
Agreed. And we should be cautious reading anything into one days market action, particularly during Thanksgiving week. But that said, there is nothing bullish that one can take from todays action. At this point , it looks as though we are likely to close firmly below what would be a conservative lower boundary of the S&P channel. (a close below 1439) We need to wait now to see if this is confirmed by another close next week below the channel on good volume. We could still have a nice Santa Rally, but it is looking less likely with each passing day, and the news is not getting better.. We are now within easy striking distance of the Feb and Aug lows of about 1360. If we have a couple closes on volume below 1360, then it's "TIMBER" time. The buying this am in the Russell 2000 futures looked a lot like trading designed to take out shorts, which apparently worked, and preparation for the pm drop. It never was very convincing. Personally, if was Stk_twidler sitting on a bunch of long Momo stocks, i'd be scared shitless. Have a Happy Thanksgiving everyone.
The same could have been said on August 15th .. The history of ET has shown that when a lot of members become bearish at once, the market usually reverses soon after.
If it were not for that pathetic GOOGLE upgrade the nasdaq would be sitting well under 2540 now.....thank those foolish analysts for the upgrade, by the way GOOG is headed under $500 in the 1st half of 2008.
Hmm market surging now. Maybe the money guys agree with me. Slower growth is bullish. Low inflation, slow growth.