Earlier today I noted that prices had moved below 120 which is a technically important level. Prices increased from below the 120 level to above the 120 at the close. They did this on incredibly high volume, which is technically a good sign. However, note the following:
-- Prices are below all the SMAs
-- All the SMAs are headed lower
-- Shorter SMAs are below longer SMAs
-- Prices are below the 200 day SMA
Bottom line, this is still a pretty ugly chart.
The main issue gong forward is AIG. While there have been plenty of rumors, nothing firm has emerged. When that is solved, I would expect a relief rally.
5 comments:
Can you help me out with this exchange on Daily Kos?
http://www.dailykos.com/comments/2008/9/16/161212/902/14#c14
would you call the markets action today capitulation or do you think we are just starting to fall through the floor?
Fed AIG rescue: reshttp://online.wsj.com/article/SB122156561931242905.html
We must keep this in mind. A private company now owns 5% of the mortgages in America, the largest insurance company in the world (or, what was), the ability to control the money supply, and interest rate, and most of the banks in America.
This has got to come to an end one way or another.
Thomas Jefferson once said:
"If the American people ever allow private banks to control issue of their currency, first by inflation, then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
I will end this with one more quote from Thomas Jefferson.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
My fellow Americas, the time is soon approaching where these tyrants must be put in their place.
http://video.google.com/videoplay?docid=7757684583209015812&hl=en
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