Stumbling Start
January 3, 2008
They’re off and…………..not running! Like a horse that falls as the gate opens, Wall street kicked off the first trading day of the new year with a stumble- a big one in fact! US blue-chip stocks suffered the worst start to a new year in 25 years after an index of manufacturing fell sharply, raising fears that the US economy is slowing more than expected. It’s the worst start since 1983!
Oil prices touched $100 a barrel and gold set an all time historical high!
The markets have been toast for sveral months now; however, Ben Bernanke and the Feds have been able to manipulate the market (that’s the job of the Fed you know). Stocks tanked on Wednesday, with the Dow losing about 221 points, after oil prices reached the $100 a barrel level before closing just below that mark.
It doesn’t take a genius to know that we’re in for a recession in 2008: a downtrend at least with the only question being, how severe. Simply put, $100 for a barrel of crude is just that- CRUDE! And, it will kill the goose that laid the golden egges. And then there’s today’s EIA numbers could be the next major problem. The U.S. Energy Information Administration (EIA) and American Petroleum Institute will issue separate inventories reports at 10:30 a.m. Eastern on Thursday, a day later than usual because of the New Year’s holiday.
Crude inventories likely dropped by 1.8 million barrels in the week ended Dec. 28, according to a Dow Jones Newswires survey of analysts. They also expect gasoline inventories rose by 1.6 million barrels, while distillate supplies dropped by 300,000 barrels. That said, oil is headed to under $75 a barrel before the year is out. We’ve overcooked the goods!
The major knock out punch has already been landed. Can you say a “Housing Haymaker“? It’s too late to prevent the cold and flu that’s hit the world (not just America) financial markets. So ledt us just relax, get some rest (quit worrying), and let the cold run it’s course. After all, it’s not how you start, but how you FINISH!
Comments
4 Responses to “Stumbling Start”
Got something to say?
Latest eBook
Visit Our Sponsors...
Latest Daily Commentaries...
- Seeds Of Revolution!
- Chile Earthquake Aftershocks?
- Obama-ites Vs. The Drudge Report!
- A Turkey Earthquake
- Another Earthquake : 6.4 Taiwan Island
- First Things First
- The Debra Medina Message
- The Massive Chile Earthquake : 8.8 Mganitude
- A Major Crisis Of Confidence!
- Who’s Your Daddy & Where’s Your Money?
- 2010 Depression With Revolution (Tea Party)?
- Exploding Inflation & Higher Interest Rates Coming
Categories
Related
Daily Gold Chart
[…] The stock market is in trouble, and stocks in general are in a primary bear market. Gold is in a primary bull market. Gold is also safe-haven in a time when Iran is running boats around a large ship like a flea taking on an elephant. Then there’s Iraq, Afghanistan, the Middle East and terrorism in general that heep a foundation under gold. […]
[…] The credit crisis has dented confidence in the health of America’s financial institutions and its model of finance. The subprime shock suggests the credit turmoil has intensified in 2007 in terms of the global disruptions. And today we’ve learned that new home construction is down 25%, the most in 27 years! And then there’s the state of the Dow, Nasdaq, and S&P which have been deep in red ink from the New Year get-go. […]
[…] worst start for the stock market since 1932! And it’s not getting any better. There is plenty of blame to go around; however, […]
[…] know the stock market started the year off stumbling out of the blocks. I know that we’ve had a major sub-prime mortgage melt down. And I know that the Bear Stearns […]