The Market is at a major turning point when it comes to confidence. Has anyone noticed that the FED has said nothing in the last three weeks as we sink further into this sink hole. Bailing out Bear Sterns was the WORST movement the FED has ever done because now they must allow more influential institutions like Citibank, Fannie and Freddie to ultimately fail if they are in serious trouble.
I have been saying it for awhile the FED has no more ammunition and it is proving to be the right hypothesis here. I believe once Oil breaks $150 and the DOW reaches in the 10000 area which could happen this week or next we will get massive selling and HOPEFULLY capitulation.
For all those who dont want to believe we are in a recession stay in your dream world but I think the recession will last till a minimum Nov 2009 and possibly out to 2012. We aint seeing 14000 on the DOW people I said it when we were 13200. I said I believe we likely to see 10000 before 14000 when we were at 13000, I know I got laughed at but hey I got to stick by my analysis.
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