Tuesday, July 06, 2010

I Hear Her Footsteps

The fat lady hasn't sung yet, but I hear her footsteps approaching the stage. Meanwhile Obama is strewing flowers in her path.

The Dow Jones is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.

“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.

The US workforce shrank by 652,000 in June, one of the sharpest contractions ever. The rate of hourly earnings fell 0.1pc. Wages are flirting with deflation.

Watch out America, Obama's fat lady is picking up speed.


CHRIS LEAV said...

I agree, Bob. I take no pleasure in his political downfall, when the cost is so great, economically. I remember some Dem saying "every 100 points the Dow falls, that's another seat we'll pick up," back when Bush was in office.

You tell it like it is, and the truth is that Obama's policies are causing much of the ongoing economic devastation. It's only fit that there is a political price to pay.

BobG said...

Amen, Chris. The cost to our country is astronomical.