The stock market was down sharply today. We are once again in bear market territory, with the market down 21% since last October, after rising in July and August. It is down even though oil prices are dropping. Wall St. smells problems with the global economy—in Europe, in Asia—and believes oil is dropping for this bad reason, not just because of U.S. demand reduction. The U.S. itself isn’t doing well, with unemployment indicators up, and retail sales moving downscale, to Wal*Mart. My FOX INDEX, which measures the distance to a healthy market (12,000 Dow, 1,300 S&P, 2,500 NASDAQ) is at its new low of -1,116 (index a month old). Bad news for the country, good news for Democrats.
Thursday, September 04, 2008
Economic Worries Grow
The stock market was down sharply today. We are once again in bear market territory, with the market down 21% since last October, after rising in July and August. It is down even though oil prices are dropping. Wall St. smells problems with the global economy—in Europe, in Asia—and believes oil is dropping for this bad reason, not just because of U.S. demand reduction. The U.S. itself isn’t doing well, with unemployment indicators up, and retail sales moving downscale, to Wal*Mart. My FOX INDEX, which measures the distance to a healthy market (12,000 Dow, 1,300 S&P, 2,500 NASDAQ) is at its new low of -1,116 (index a month old). Bad news for the country, good news for Democrats.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment