Is This the Top of the Stock Market?
Oil prices are over $73 a barrel, the U.S. has an enormous trade deficit; huge national debt, the Fed just raised interest rates because of fears of inflation; Iran, North Korea, Israel and Palestine; typically you would not think people would be bullish right now. After the market skyrocketed today about 2% many breathed a sigh of relief because The Herd thought if the Fed acted as they did today (raising interest rates) they thought the stock market may bottom out. But it did not bottom out today.
I am not saying that the stock market will go bear all of the sudden, but it might. Today just was not that day.
Usually when the stock market has a slow down or is in a recession there is a big jump up before the stock market becomes a bear market. I am not predicting this, but I want to alert people that there are a lot of indicators out there that historically point to the potential of the market beginning a lull. Just remember to be diversified.
Written by mike on June 30th, 2006 with
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