Briefing.com here is link to see what reports are out.
China has now used 80% of total GDP in first 6 months to stimulate economy, Banks are asked to only loan where the money will spur economic develop, and the key is to goose internal consumption, even going as far as to hand out COUPONS in rurual areas for deep discounts for TV's and appliances.
I will again ask this question, what good will this Chinese stimulus do, when there are already TOO many factories in CHina and sinking world demand? Trouble could be brewing here....the Chinese market is up some 90% this year!
Futures point green for a positive open, tomorrow a host of data is released at 8:30 including initial GDP....which should be assisted by the MArch rally in stocks....in reality our economy is at a standstill at best.
Roubini praises Bernanke for "diverting a near depression with his FED actions" and IMHO Roubini has lost his edge, Big BEN presided over the FED during this perilous time and seemed oblivious to its birth. NO I say he goes and we find someone who might be willing to take unpopular action before the problem gets this bad, any ass can mop up a problem HE created.
A 50% retrace level of the entire decline is still a real potential, I wonder how many are watching the near term levels of the .382 FIB...SPX near 1014.
from June BLS employment report:
"Metropolitan Area Unemployment (Not Seasonally Adjusted)
In June, 144 metropolitan areas reported jobless rates of at least 10.0 percent, up from 6 areas a year
earlier, while 62 areas posted rates below 7.0 percent, down from 312 areas in June 2008.
Of the 49 metropolitan areas with a Census 2000 population of 1 million or more, Detroit-Warren-
Livonia, Mich., reported the highest unemployment rate in June, 17.1 percent.
D
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3 comments:
Rally time, spx 1000 here we go! Buy it all before the idiots do!
You will likely be one of the 90% of people who go into the markets and lose. You say "buy before the idiots"? What are your exit criteria to “exit before the idiots”?
There are cyclical indications that this rally will extend into next year. Even if so, buying into an overextended market is a dumb ass move.
It's your money; do what you want.
The underlying structural problems with the world economy have not been addressed, still exist and are scary. This is a pass the hand grenade market.
It is so bad that the US dollar is at risk for devaluation.
But lets cuddle up with CNN and MSN and get all warm and fuzzy and pretend?
Not me; I have a family to take care of and a brain.
I have a family too both <14 you have to trade the tends by the time it hits break out that might be it. Best watch and learn the strong buy while the weak go for unemployment then when they get their job they buy and U sell. Its the way it works, g/l you seem too one way minded to look anywhere else.
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