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Tuesday, July 07, 2009 7:15:45 PM
I agree with you in the short term, take a look at the DOW chart. Mini head and shoulders pattern that just broke down today. That gives this about a 500 point target down to 7500. However from that point would create a larger weekly pattern inverted head and shoulders. Not saying that weekly pattern will form out because anything can happen, but it is a plausible scenario. I would be "cautiously" bearish.
WEEKLY
WEEKLY
"A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank."
Ron Paul
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