Dow Jones | Economy | Gold | Housing | Forex | Energy |
"Sunny Side of the Street" market
commentary by Sunny Harris
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SSS signaled the downturn on September 04, 2008, well before the precipitous drop.
Immediate reading: "The World is Flat" by Thomas Friedman. Urgent.
Latest Article from EWI's Bob Prechter: "Primary Precondition of Deflation"
100% Correction! SSS predicted low is 7393...still to come.
We're back to 1998 prices. Headlines read "Is this the end of American Capitalism?"
updated 6:19 a.m. PT, Wed., Oct. 8, 2008
WASHINGTON - The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century.
The United States — the epicenter of the financial meltdown — will continue to lose traction.
"The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said in its report.
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We currently have a Sell Signal on the monthly chart, as shown above. Resistance overhead at 11640 is continuing to hold down any moves to the upside. Support on the downside lies just above 7000, at 7393.
To be or not to be? Well, that certainly is the question. Are we already in it, or are we even going to have one? What does it mean to have a recession? What's the definition? What technically indicates a recession? To find out, become a member, or if already a member click here to login
GOLD:
Gold is holding steady at $880 per ounce. The long-term trendline (seen in teal) brought support at $767 and a bounce ensued. There is short-term resistance at $823.
Housing prices have begun a rebound with support at 1472. I watch the price of my house weekly on Zillow.com; from that estimate I have seen a rebound in prices as well. The short term indicator has turned green and is therefore in a Buy Signal.
Support has been found at 1.77457 on the British Pound-US Dollar pair. After a sharp decline since July 18, 2008 the weekly chart is forming support by churning in place. It's really hard to trade right now, as price doesn't move very far in either direction.
ENERGY:
Crude Oil:
The price of a barrel of oil has steadily declined since its high on 7/11/2008 at 147.95. On the daily chart both indicators are in a Sell Signal, while on the weekly chart (above) the Dynamic Average is still holding a Buy Signal. We have all seen this activity reflected in the price of a gallon of gas at the pump. In Southern California we see $3.65-$3.85 for a gallon of Regular. In Europe, a gallon of gas is about $10.
OTHER LINKS:
Read Al Larson's (Hans Hannula) recent commentary. Cash In On Chaos.
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