*can't say I didn't warn you. Goldman Sachs came out today and said GDP is not likely to be as we had previously expected. Can you believe these charlatans? Just a few months ago they were predicting nothing less than 4% due to Obamas Cash for Clunkers and the ever, albeit slightly, increasing philly manufacturing numbers and the ever declining unemployment claims (of course we all know thats because people just give up on the benefits after they have used up their alotted amount and get the pain in the arse bureacrats on your tail, "why aren't you out there pusing a broom at McD's you sloth?") So since GS hit the 198 mark, the slide ever downward on the heels of that star studded female analyst (let that be a lesson to you boys) Meredith Whitney herself, gave GS a neutral from her what seems like so long ago, BUY BUY BUY back before the 2Q, GS is recanting their drink the kool aid please mantra of things are party party like its 1999.
Now I know, I know, the PPT sheisters willl do their magic and try and dump the dollar so the market can stay propped up above 950 on the S&P. But has anyone been paying attention to the fact that PIMCO said last week to dump bonds? And that WFC is moving ever closer to that all important number 22? Stay tuned and GO SHORT!
A few charts from dshort.com
Bear Turns to Bull?
October 28, 2009 updated each market day
The S&P 500 closed the day down 1.95%. The index is 54.1% above the March 9th low, which is 33.3% below the peak in October 2007.
And the S&P 500 and IWM have broken below their 50 day moving averages. Let the correction begin. Lets hope it goes all the way down to 950 shall we?
PS: Geithner said this morning that they would start taking the money away from the financials, so cascade anyone? At least until they change their mind and put it back!