Tech Talk With Jim Stanton - When The Markets Ain’t Happy, Ain’t Nobody Happy
Technical and Quantitative Analyst Jim Stanton is an expert in tracking the indexes and predicting what they’re going to do next. So the Dow’s decline this morning didn’t come as any surprise to him.
As the Dow easily slipped beneath the important psychological 7,000 barrier today, both the Nasdaq and S&P 500 followed it’s downward trend. At 1:15 today, the Dow had dropped well over 200 points, the Nasdaq had tanked near 4e points and the S&P 500 had lost over 25. Hardly the pretty picture.
And that picture has the potential to get worse well before it gets better. But I’ll let Jim tell you about it himself, just as he told his 1-2-3 Trader subscribers this morning…
“Just when it looked like we were going to get a tradable bounce last week, the government continued to get more involved in the private sector, and the Dow Industrials, Dow Transports, S&P 500, and NYSE all made new correction lows.
“Not only did the Obama administration persist in committing more taxpayer money to the troubled financial sector, but they also made comments about raising taxes, nationalizing healthcare, and taking control of the student loan program… In the end, it was just too much for the markets to digest.
“The government is leading the US down a dangerous path and over the weekend, they promised American International Group (NYSE: AIG) another $30bln on top of the other two capital injections it has already received. The result: the futures are sharply lower again, in early pre-market trading, and the European indexes are making new lows.
“Where will it end?”
Everybody is asking that question: “Where will it end?” And if Jim’s right - which he often is, as evidenced by him predicting the markets direction this morning - nobody really knows. Nobody, that is, except for the government, which for the last 6 months or so, has elected itself supreme ruler over the markets, effectively deciding who lives and who dies.
Our fate is being drawn further and further into the Obama administration’s hands, and if the markets are any indication, that isn’t where we want it to be.
Monday, March 02, 2009 - by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research
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