Sunday, October 02, 2011

Where have I heard this story before?

Asian markets are down about 2% across the board on fears that the latest Greek bailout efforts are starting to unwind.  There lots of unsettling rumors about European banks but until the sun rises in Europe they will likely remain just rumors. 

This story just keeps repeating as we grind along in the markets.  Unfortunately, we stand at a really tenuous spot for the chart readers.  Remember, we had a MONSTER stock market rally off the absolute bottom in March 2009.  Stocks soared from their March lows up about 72% by the end of 2009.  It was a rally of historic proportions but not without precedent.  At the time I pointed out that huge rallies also occurred in the midst of the Great Depression.

Well, from Jan 2010 to Oct 2011 we've gone effectively nowhere in the stock market (down roughly 1%) over that 22 month period.  If we break below 1120 for the S&P 500 the computers will go haywire trying to figure out the next move.  The charts might signal a new low, but we've bounced off those levels almost every time this year.

It should be a very fun week.  Oh, and #occupyWallStreet is probably not going anywhere as the weather improves in NY this week. 

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Keep circulating my contact info if you know someone with a good idea who'd like to discuss their business plan.  My info - nnyventures@gmail.com

Cheers!

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