“The open below 10,379 on the Dow gives the Bull the knock-out punch. US Treasuries reflect risk aversion. Gold and crude oil slump on euro weakness, and on weaker economic data. Emerging markets and China, and semiconductors lead stocks lower.
The Dow Industrial Average opened below my annual support at 10,379.
The bulls still say that the strategy is to buy weakness. I began the year in disagreement suggesting to investors on Main Street to sell strength. I decided to track the first three weeks of the year as though it was a Title Bout between the Bull and the Bear. After Thursday’s drubbing of the Bull by the Bear the score became 9 to 4 favoring a wobbly kneed Bull. With today’s open below 10,379 I declare a TKO with the Bear as the victor of the Title Bout…”
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About Richard Suttmeier:
Richard Suttmeier’s latest blog analyzes earnings from Intel, the most important technology stock, JP Morgan Chase, the most important “too big to fail” bank, and break-out’s for Comex copper and Nymex crude oil.
Richard Suttmeier is the chief market strategist for ValuEngine.com. Richard is an industry leader on the housing market and banking system and writes a newsletter covering The Great Credit Crunch. He produces a List of Problem Banks by name. He produces daily and weekly briefings covering the US Capital markets. Richard Suttmeier’s ValuEngine Four In Four video is available on forextv.com.
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