Tweet ***** There is a lot of "fire and brimstone" talk on the streams about the markets but even with my pessimism about this economy, it's still not time to panic. All we have to do is take a more sober look at the charts of $DJIA $SPX $NDX for some realism. I have reviewed these charts over and over again an keep coming to the same conclusion.
Until the Fed. pulls the rug and admits how bad off we are, or some other serious threat surfaces, this market has strength. Does it need a pullback and a retest of certain areas? The answer is yes but, even with those tests, the strength will remain in my opinion until and unless there is realization that we've been duped or worse about our economy. After all, 14 trillion dollars worth of debt and counting is nothing to sneeze at yet it's not even considered on a daily basis. On the other hand, we, the people are convinced to be worried about a few billion dollars worth of budget cuts as if that will bring on Armageddon.
It is also true that we can be duped and still continue with strength because people en masse wish not to admit to being had and wish only to continue with the business of living. The QEs were a great way to cover up the reality of our debt and maybe avoided serious panic. True also is that most likely the current generations will be willing to endure this debt even longer. Often, sadly, it takes several new generations to wake up the living to how their predecessors were misled. One just never knows how much or how long a people are willing to endure their own self created suffering. Perhaps for as long as 75 years like with the USSR and let's face it, by that time we'll be gone.
So in conclusion, is it a serious threat? Yes. Is it time to panic yet? No. So push on through and let's just "Keep on Movin"
Happy Trading, Living and Dancing
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