At the very least, it represents Newsweek’s epitaph.Intermediate term it represents the Market’s epitaph. The Market is in free full and those of you who are technical analysts, next support is is 6900 then 5800.
The only real hard support is @ 4000. God help us.
Think about it. If you have equities you may lose 70% of their value. If you’re planning on retirement, your 401k is now a 201k and fast approaching 101k.
Long term, I hope that Newsweek’s cover doesn’t become our’s and our nation’s epitaph.
5 comments:
When I first saw that on a blog a couple weeks ago I thought it was a spoof, a joke.
The reality is so much sadder. And scarier.
Barack Obama has only been in office 35 days, and already America is turning into Europe.
But, at lease he is "an elegant man", to use Sean Penn's phrase.
WC, what's a "support" and why does it bottom out at 4000?
Penn is an idiot; he and Obambi deserve each other. And Langella should have won the Oscar or at least a Lifetime Achievement for being an extraordinary and often unappreciated actor all these years.
So glad "Man on Wire" won. It is a celebration of the daring of a totally confident professional and of the Twin Towers themselves.
There are the beginnings of outrage stirring in the Tea Party Revolt and elsewhere, but there is so much stupidity, evasion, confusion, resentment, fear, cynicism, anger and frustration in the mix that it is hard to see how it can be focused effectively. Everything depends on that.
Today at work a dirty, disheveled, ragged white guy toting an old canvas bag and holding his pants up with a rope shambled up and bought a copy of the Koran. I do NOT want to know why.
Elegant men will be the ruination of us all. Gimme a Churchill, Teddy Roosevelt, Abe Lincoln any day. We have too many gentlemen and they are boring. We need someone with the bark still on.
Sean Penn -- it's a shame he's such an ass wipe. I tried to watch and enjoy All The King's Men but couldn't get past it was Penn and all the crap he spews. Spit.
Rivers
This should help you understand support and resistance levels.
www.metaquotes.net/techanalysis/support
Here's an entry on technical analysis itself.
en.wikipedia.org/wiki/Technical_analysis
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