It figures that the Gold and Oil markets start to collapse just as I go on hiatus. My guess is that hedge funds are selling their winners to cover their losers (financials, banks, etc). This has had a nasty consequence in the currency markets with the AUDUSD collapsing from its near parity with the USD to around 0.80. Next stop for Gold could be $600 and Oil maybe $80 (wishful thinking?).
My timing models are going wild and pointing to a lot of market crosscurrents. This shouldn’t surprise me because we are in September after all and I can’t wait for October. We are at a very heavy volatility area in the S&P500 market and we could be making a low or preparing for the next leg down. If we are to go lower from here, it’ll be at least a 100 point drop in the S&P500 down to the 1100 level. How’s that for optimism? The upside potential for the S&P is around 1350 right now.
I’m still on hiatus but had to pop in to make a few comments. I should post my last video tutorial sometime but I don’t know when I’ll get to that.
Lehman bankrupt, Merrill bought, AIG collapsing, “My goodness. I’ve been in the business 35 years, and these are the most extraordinary events I‘ve ever seen,â€
http://www.nytimes.com/2008/09/15/business/15lehman.html?_r=1&partner=rssuserland&emc=rss&pagewanted=all&oref=slogin
The word of the day is ‘teeters’
Sherry: my word of the day is “Apocalypse.”