Market Musings
When the market looks sick, it probably is ... at least, that
is what Ernie Zahn used to tell me. When I went to Wall
Street in 1962. he had over 50 years of hands-on experience.
During the past two weeks, our trading portfolio has stayed on
the sidelines.
The banking crisis is far from contained and if you think
the FED has a handle on the problem, think again. They are
the problem! The FED just added more fuel to the fire with the
latest rate hike and Powell's comments.
The Minsky moment could happen anytime ... it is not just a
problem in the U.S. but with CS failing and now Deutsche Bank
faltering .. who knows what is ahead.
Have we reached the Minsky moment? The dollar's reserve
status is slipping away taking the U.S. economy towards a slippery
slope.
Shadow Government Statistics suggests the Biden Administration
economic reports are incorrect.
Dare I say that it will be
at least another year of dismal U.S. and world economic growth.
And that is if we don't enter a major military war with either
Russia or China.
Until Congress stops spending deficit dollars, the outlook is
bleak.
Do not be surprised if the NASDAQ falls through 8,000, the SPX
to 2,500 and the
DJIA sees the 25,000 level.
The Acc/Dis line of "A" rated stocks has quickly
fallen below the red line
to suggest that the bear market rally is over ...
caution is advised.
Remember -- "Only purchasing power counts!"
It is difficult to find long-term trading opportunities with the
future so uncertain. By any reasonable measure, this market is
dangerous.
Be careful ....
To review the 03/10/2023 FlowChart, click
here.
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