Hurray! CNBC reports:
The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday.
“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.
The Dow retreated 457.33 points, or 4.5 percent last week, to close at 9,686 Friday. Guppy said a Dow fall below 9,800 confirmed the head and shoulders pattern.
IMHO, it looks like we are getting into 1990′s Japan pattern, a grinding bear market marked by short rallies.
Either way, not good…
#40–Thomas==excellent response/repetition (sorry about that) regarding incentive vs sin tax. I like that, intelligent you are. You might even be “right” in the abstract. I sense that the sin tax while not initially as effective might be very much easier to manage/enforce and net out way ahead of any incentive plan. Seems to me the sin tax approach, used all over Europe (does that argue for or against it?) provides a greater market incentive to respond with oil saving alternatives, but who knows? If we don’t do “something” seems to me “poor people” may or may not be greater impacted than the middle class and thats the whole point. Start now artificially while there is room to maneuver before the decline in oil production makes it more expensive without any alternatives because we have been asleep at the launch pad for the last 30 years.
2. Anti research funding huh? Even if true, you totally fail. I will therefore equal your effort in responding.
Bobbo, there is a futures market in oil, that drives current prices higher if the supply is running out. So the taxes are not needed, as the oil price is headed higher anyway, assuming supplies are limited.
Mike, yes but that is responding “too late” for a rational/ordered transition to the next great thing.
I know, its a liberal thing to think ahead, but thats the way I roll.
Is there a circumstance worse than bankruptcy?
Yes there is, and it will happen to all those banks who refuse to acknowledge their part in the quadrillion of derivative junk.
The non-event that will occur in the next several years will be total ceasing of financial activity. Bankruptcy cleans things up, so smart people can take action.
Mankind will look upon this as the hell that is caused when you bail out fools.
I am very optimistic that the coming hell will be a good lesson learnt by the next generation. The upcoming events will not be forgotten. Perhaps businesses will reconsider the idea that employment of people enables them to buy the goods they make. Perhaps some creative creation?
It’s weird to hear people argue about taxes on oil, etc. How about the subsidies on oil, gas, and coal? Should they be reduced? It seems like a better place to start.
So stop investing in the stock market. If you know about a system thats full of criminals and corruption, don’t be part of it.