Tuesday, September 1, 2009
*The market has had two days now of sell off with alot of volume. We have dipped below the 25 day moving average but we are still a long way from that 50 day which seems to have stronger support at around 960. We have had considerable resistance at 1037.68 so a sell off was expected, how much more is the question. The bank scheisters are already starting to counter any bearish tones by peddling their rosy wares, i.e. WFC says they may pay gov back without another offering after the close, stock up .07 after hours on that news. So we shall see. I still think they will try to rally market into 3Q and then a slide off the top will shatter your hopes and dreams, especially since cash for clunkers gave less than stellar gains. Do you think the price of vehicles might be an issue? Of course you don't, ijiot. It's DEFLATION stupid. And with wages dropping, so goes prices of everything else. Unless of course you expect the top earners to be the new driver of the world economy.