continue their losses, down for the 11th time in 12 sessions. The FOX Index, which reached its all-time high of +1,935 just 16 days ago, has dropped to a modest +761 (see chart), closer to a negative “unhealthy” than it is to its May 1 peak (the Index tracks the distance from 15,800, a “healthy” market total of a Dow of 12,000, an S&P 500 of 1,300, and a NASDAQ of 2,500). The S&P 500, at 1,304, is just 4 points from sinking below its “healthy” minimum.
The market's problems are Greece, related bank problems in Spain, Italy, and Portugal, JP Morgan’s $3 billion in trading losses, and other economic problems at home. But Facebook’s initial public stock offering (IPO) tomorrow could set off a welcome market buying spree.