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Tuesday, October 7, 2008

The End Of The World As We Know It

At 3:58 EDT, the SPX broke 1000 for the first time since May 2003. There is no support here that I can see until 970, then 940, and then we are getting near the 2002 low. That could get really ugly.

The Nasdaq has lost about 550 points since Paulson "saved" us. There efforts to stave off a market crash until Bush is out of office have failed. Mr. Market does not like meddling in his affairs, and he will be unmerciful in his wrath.

The XLF, at a new low. Well, we can catch the bounce as the shorts cover. Oh, wait. There aren't any.

Energy was positive much of the day, but heavy selling in the last couple of hours killed that. I was looking at possible buys in energy and steel yesterday when the VIX hit 58, but didn't pull the trigger. My lack of guts paid off.

The situation in Europe is deteriorating rapidly and likely will have political ramifications in the E.U. The Euro is collapsing, and there is a good chance it will disappear completely as the E.U. starts to fracture.

I guess my mood hasn't been apocalyptic enough to start another rally. Maybe this will help:

1 comment:

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