The Markets
- How does one describe a 3.5% daily decline as a relief. ‘Cause they were headed lower. And the market finished off it’s lows. At 3pm the DOW was ninety points lower. So, someone was buying in the last hour. That is a relief.
- As someone told me today: Easy come, not so easy to see go. We were becoming complacent with the last two weeks of straight up. It was the old days and we were really, really, going to have enough to retire. And we were not going to have to take that part-time job, if we could find it. Now, it is back to the grind.
- The market always brings us back to reality. And the reality continues to give us only one day at a time. To think further than settlement date (trade date+three for cash trades) is not realistic.
- But, and here is a big but, there is a lot more positive news and it seems to be gaining momentum. Housing, consumer confidence, equipment orders, etc, all seem to be building. Friday’s jobs number could throw a wrench into it, of course.
- And, this week there will be scary photos of rioters surrounding the G-20 meetings. That could be balanced by throngs greeting President Obama, who remains popular with the masses. If not the leaders.
- We closed below S&P792 and that isn’t good. But we didn’t close at 779, the low for the day. And, volume was huge in the last twenty-minutes as the market recovered, a bit.
Overnight Asian markets will be sloppy so buyers must surface here for the tailspin to stop. Stay calm until you see the whites of their eyes.
