In my "Year In Review" ticker I made several prognostications.
Let's go through the ones that, it appears, we've got "on deck" as either confirmed or very nearly so at this point - just eight days into the year:
Eight days into 2008, we have two predictions either on deck or close. Sheesh - I thought we'd get to April anyway before I could beat on the drum for the first time.
Today's market action put a pole through the Bull's head, then squicked in the hole.
It looked like we were going to bounce this morning. But then two things did in the market - a rumor (which the company disavowed) that Countrywide was about file bankruptcy, and AT&T saying that they are seeing soft consumer demand for wireless phone service.
That was all it took to take the Dow from up 70 to down 230; a swing of nearly 300 points, with the sell-off going basically straight down.
In the process several important technical levels were violated with conviction.
(Note carefully the wording on that denial from Countrywide. I won't repeat it; go look it up.... then contemplate a bit on how "strong" a denial that really was.....)
Oh, there will be bounces between here and the bottom folks. Bet on it.
But - Bull Markets don't behave like this.
We are no longer "climbing a wall of worry."
That has given way to "sliding down the slope of hope."
Oh, by the way - Lucifer is grinning at the bottom.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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