Friday, July 19, 2024

Another Yawner Day…

yawn

As far as the market goes, it was boring.  But, the news wasn't good at all.  The new home sales number was really quite bad.  Of course the market didn't react too much as all the big traders are off for the holidays already.  The new home sales dropped 11%, which would have caused a big sell off if it was released when the market had normal volume in it.

But again, the government planned this release of this information very carefully.  I gotta hand it to them for that...  but ultimately this only delays the recovery.  It's almost like pumping your best athlete with powerful pain killers to keep him in the game.  It's guaranteed to cause more damage to his injury, which will cause the recovery time to be longer, as well as keeping him out of the next few games.

The market is not healthy, and this insane manipulation will cause a huge sell off in the near future.  I believe that the finally bottom will be 3,000-4,000 Dow, because of this manipulation along with the mass printing of money.  I know I've jumped to a longer term outlook here, but I don't see much reason to try and predict tomorrow's outcome in this holiday season.

After the holiday's are over, you will see more posts on what I think will happen in the next week or so.  For now, I don't see much change until the new year starts.  Any sell off in the next week shouldn't go below 1103-1105 spx.  That's if we're lucky enough to get that low?

Pay attention to the news coming over the last few trading days of the year, as I expect it to be really bad.  It's the perfect time to "spill your guts out", as no one is in the room to hear you.

Red

Red
Author: Red

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jzzz
jzzz
14 years ago

Merry Christmas Red. Wishing you and family a happy healthy 2010!

Red Dragon Leo
14 years ago
Reply to  jzzz

Merry Christmas to you too jzzz….

Red Dragon Leo
14 years ago

Merry Christmas to you too jzzz….

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