Bad news seems to be overwhelming the technicals. Many were thinking we had found a bottom. I believed we had found at least a short term bottom. We may now have to wait until next week.
Barclays is looking to raise $12 billion. This is a surprise since this bank had previously decided not to participate in Bank of England’s bailout.
American Express to lay off 7,000; Disney considering employee reductions.
Bank of Japan lowers rates and a 5% market sell-off smells like selling on the news.
Pessimism is seeping into an attempted rally.
Lower rates puts inflation on hold.
So, it is with some amount of glee we bid goodbye to October.
November and a new President could bring the markets a smiley face.
