|Written by GSCR Staff|
|Thursday, 15 November 2012 12:32|
Here we go again. When the market is doing well, it does very well. When it is lousy, it is really lousy. Yesterday, we hot a corrective phase on the NASDAQ Composite and the Russell 2000 Index, with both indices now 10% below their 52-week highs.
Today, it seems, there is only bad news. It is almost as if the media kept all negative stories locked in a drawer until after the election. And others did not act on issues until afterwards. (Yes, that is what I am driving at.) In a matter of days, we have had stories in Ohio regarding a pending $50/month cutback in food stamps beginning January 2013 for nearly 900,000 people. Also, in Ohio, initial jobless claims soared. Food stamp rolls have jumped and now businesses are all talking about how they will deal with the Obamacare expense mess, which has also depressed stocks.
Slowing growth is also an issue as is the fiscal cliff. This Cliff Claven may not get worked out for some time so some folk are battening down the hatches and selling stock to lock in gains. Once it gets resolved the market will rally, but until then, we have another issue to deal with.
Foreign relations will come front and center now that there is severe an escalating conflict between the Hamas-led Palestinian Authority and Israel. As if we needed something else.
The VIX is something to watch and use as a barometer, as is the latest AAII survey. Meanwhile, buy something that is moving higher, take your profits, and seek gains elsewhere, until the upside down world turns right side up. Sort of.
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