Dow crunches optimism trend
Keep an eye on the live stats today as the Dow crunches the Asian Rally, Bernake´s new optimism and the upcoming speech by President Obama on the economic situation.
There is a hint of optimism in the air but at the same time, the incoming reports continue to dig deeper recessive trenches and one must wonder what the fundamental truth is… are we recovering or is it just an attempt to inject some rallying optimism?
I vote for the injection. There is a lot of publicity leverange at work to influence public opinion and kick-start spending.
As the Dow hovers around 8000 Asian banks may be in more trouble, Europe is letting hordes of employees go, US retail prices and sales are down with a big “D” and the numbers for 1st quarter 2009 are still to come. Expect the consumer industry to be heavily burdened by sloping sales. Telecom will be hard hit.
Let us hope the optimistic statements are true and not only politics. I for one will be keeping an eye on the live tickers.
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