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An Ill Wind Down Wall St
Posted on 09/25/2006 16:41:33 | Link | Post Comment
Last Friday, ahead of a decline that has since gripped Wall Street, we warned that stocks were beginning to exhibit signs of putting in major reversals and the past two days, for the most part that has simply spread to more and more issues and there are some troubling divergences also setting up between the S&P 100 OEX, the Dow Jones Industrials and Transportations, all the way down to the Russell 2000 and Mid-Cap and the consequent negatively unfolding structures would have us believe that unless we see an immediate rally to the upside that can nip this decline in the bud, that our proposition that stocks could sell off post Labor Day has juxtapositioned markets to take on somewhat of a dynamically bearish posture and that has severely negative implications for larger cap stocks and potentially positive implications for Gold, Silver and Resource issues as a sector that we now see likely to positively diverge against a negative market.
Regrettably, the overall structure that has developed up to this moment does not bode well for the future and tends to bear out the fear of the housing problems that are becoming manifest in the extreme for the US economy as 15 year worse case statistics, to worst of all time are now becoming commonplace in terms of house vacancies etc. And, in spite of the US Dollar rally that has taken hold, with exception of the Japanese Yen, which since our Renaissance of Japan issue has begun to rally some off its recent extreme lows, we're beginning to see signs of a possible replay of the Trillion Dollar Killing scenario in the earlier part of the year, wherein a US Dollar denominated exodus or re-patriation of assets could put severe stresses on the Dollar and possibly also on stocks, that might be the inspiration for Metals to go up a lot as the new safe haven ahead, that might be the case for some considerable time as hard assets resume their 20 year bull market trend.
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