A few days ago I said this rally is on it’s last legs Well, Peter Schiff agrees with me:
Confusion… The State Of The Stock Market 1 week up, 1 week down. That has been the trend since the beginning of October. A look at the weekly chart for the S&P 500 is enough to make anyone’s head spin. Last weeks high hit the 38.2% retracement level from the mid-August high’s and immediately turned around.
With the Federal Reserve cutting the discount rate 50 basis points to 1%, it remains to be seen if this will loosen up the credit markets. There remains a great deal of mistrust among banks and borrowers at the present time, and until that changes, we would look for the economy to limp along
Yesterday I posted my technical analysis of gold in response to an article I read on DollarCollapse.com.
Down, Up, all over the place,whacky, insane, delerious, nuts…. Yup, the market was all of those things this weak. In yesterdays market forecast I mentioned that follow through on buying today would mark Wednesday’s drubbing as a market bottom. WHEW….
