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1) Seasonally, we
should be heading down right now due to tax loss selling and
rebalancing.
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2) 3Q earnings
will be coming soon and they WON'T be good (perhaps built into the price right
now).
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3) If GDP numbers
enter negative territory, which I'm sure they will, there will be renewed
recessionary fears (although frankly I think everyone has resigned themselves to
a major slowdown if not recession anyway - once again built
in).
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I wouldn't put a
lot of faith in P/C or other measures with respect to previous markets. We
are in a decidedly downward spiral and what worked in yesterday's generally
healthy markets, may not hold now. <SPAN
class=600324800-25092001>So I would look for a
short-term rally followed by the potential for renewed selling if bad news or
economic numbers change the current outlook.
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Just to be on the
prudent side.
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--
John
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face="Comic Sans MS">
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