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July 13, 2009 / Jeb

Correction or Blood on The Streets?

SPY

Right now most technicians agree we are moving lower.  However, the million dollar question is are we going to make an inverted head and shoulders pattern or are we going to move into new lows.  Right now my bet is to stay on the sidelines, the short side and enjoy the game.  I hope it is just a short term correction.  In reality, I feel with all the dishonesty in the government and in the corporate world we may need a major washout to start and rebuild anew.  There has been too much corruption and dishonesty from corporate boardrooms and financial advisers.  People have lost faith in the economic system.

This is one of the reasons I am so happy to be part of this financial blogging community.  I have met so many real honest people who try to analyze and study the markets, free and independently.  Commission salesman and paid stock promoters are free from this arena.  This is the future and the old establishment of corruption, conflicts of interest and greed will hopefully be history.

Please be aware and read your financial adviser’s disclosure.  If they are being paid by the companies being promoted…run from them.

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One Comment

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  1. Ed / Jul 13 2009 12:19 pm

    More downside in the market. Fundamentals are bad. Elliot Wave and other independent advisors see the S&P 500 at 400 by years end. Of course this is predicting and something can change the direction of the market if earnings improve.But, record job losses and lower corporate profits is in the cards. The US is nearly 70% consumer driven economy. We will see counter trends like today but, the overall trend is down.

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