Sunday, October 12, 2008
Been watching what is going on worldwide and I have been discouraged. I was hoping for a powerful opening. We sort of had it but it has been sliding all evening. China is actually down over 3%! New Zealand and Taiwan is also down. Australia was up over 5% and is now up less than 4%. Oil and copper opened up strong and pulling back close to break even (been short copper futures and actually of some exposure tonight). After opening strong the Euro is giving up its gain and the Yen against the dollar isn't doing anything either. Extrapolating from all this is dicey because Japan is closed and the markets still don't know any specifics on the European or U.S. plans. Still it is discouraging watching this unfold. WE HAVE TO CATCH. There is no further crash room without first a decent rally.