The various weekly reviews that I usually read are looking pretty bleak right now. According to Vanguard’s Economic Week in Review:
This week showed no signs of a healing economy. Shaken by accelerated job losses, consumers continued to cut back on spending, bringing retail sales to their lowest level in more than 20 years. The U.S. trade deficit narrowed as both imports and exports decreased because of worldwide economic turmoil. Business inventories were also down for the month of September, experiencing their first drop since March 2007. For the week, the S&P 500 Index fell 6.2% to 873.3 (for a year-to-date total return of –40.6%). The yield of the 10-year U.S. Treasury note dropped 11 basis points to 3.72% (for a year-to-date decrease of 32 basis points).
YOWZA!
Usually the Bastion of Bulldom, Briefing.com’s Weekly Wrap also reports dismal news. According to an excerpt from this week’s report:
This week had its ups and downs; unfortunately for investors, there were more downs than ups. The end result was another week of sizable losses for the major indices. There was a fundamental perspective at the root of the losses as a slate of disappointing earnings news and economic data raised concerns that the market, down 32% since the end of August, may not have already adequately discounted the bad news.
OOOCH!
So, is all this doom and gloom a contrarian sign that things are due for a turnaround in the next 30 days? I don’t think so.
But, to be certain, I turned to a few experts whom experienced the market turmoils of the 1970’s. This is their view of where the market’s headed in the near-term, and most-likely the rest of the year. (turn up the volume)
So, it seems that the rest of the year may be a good time to find some Smokin’ deals on select stocks. Remember the old axiom - buy low, sell high.
I’ve got my eye on a few long-term investments and a couple of possible trades. I’ll keep you posted once my limit-orders hit.
Post a Comment