Friday, October 10, 2008

Well no ....

GM is what drove the markets mad yesterday .... do not even know what to say anymore. Worst week since the 1938 or something?

I stick by what I said yesterday that the first signs of a bottom are forming. GE reported inline on both their financial and industrial divisions - that to me is a good sign. GE has been used in the past as a measure against the economy - something that is not aligned now.

We have to be really concerned about continued liquidation. As my broker said yesterday, the consumer is just now getting their september statements in the mail just to see they are down 8% in the entire month of september and in the first 2 weeks in oct already more then that. Those consumers are unable to control their emotions and fear and will definitly push for pulling out their money. Also bush talking at 10:00 today, anytime the government speaks we see the market drop - lets hope it won't be like that today.

I do believe that we are close to the bottom, but I have been saying that since Tuesday when I anticipated the V-bottom on monday.

Time and Price
yeah right lol

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