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I was watching and listening to the NBC Financial channel today. Let's see
if I understand one of their resident geniuses. Since the low on Sept.1, we
have had higher highs and higher lows. This is a bullish pattern and looks
like we'll keep moving up. That's unless we break that pattern. Then that
wouldn't be good. With the market down (at that time) 250 points we still
hadn't broken that last 'higher low' he was referring to.
Now let's see if I understand him correctly. Asia is in a depression.
Russia has collapsed, financially. Central and South America are in
trouble. Mexico just raised their interest rates from 20% to 40%. European
markets are exposed to this turmoil. Gee, that sounds bullish <g>. Oh
yeah, Starr delivered his report to Congress yesterday. I'm sure that's
going to exonerate the President. Nothing like stirring the pot a little
and adding to the turmoil.
Wait, I see a bright light. 10 year bonds have just dropped below 5% in
rates. That must be the reason we're in such a bull move. Of course,
flight to safety doesn't mean anything to him. The fact that Europeans are
quietly dumping their equity holdings in the US on every rally doesn't mean
anything to him either.
There are days when I wonder why I just don't turn off the sound and watch
the ticker <G>.
I wonder if the American public understands that these turkeys are there to
get you to buy equities? Or am I just too cynical?
Guy
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