What a disaster!
Now I am truly concerned – 3:1 decline to advance ratio across the markets while oil continues to decline really points to a big problem in the markets.
The Nasdaq crashed below 2,250 and is in serious trouble now.
The Dow looks like it is aiming to challenge 10,800 and the S&P crashed below my critical 1,263 level.
Needless to say I cashed out a lot of positions today! Even LLY bit the dust today.
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TSO and COP are strong in a weak sector.
Oil is being traded down on technical reasons having nothing to do with supply and demand but the forecast looks like warm weather and less driving will deliver a technical death blow to oil this week.
Much as the long-range picture for oil remains strong – as with gold, anything can happen in the short run! I will look for other oil companies than Suncor who are ripe for a great fall for tomorrow’s column.
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Reality Check: Whole Foods Market is a grocery store!!! They make $136M on $4.7Bn in sales! This is not a company that should be trading at 70 times earnings!!!
Not only that but 2005 earnings were flat against a 20% increase in revenues. That’s bad! Do you know why they were bad? Whole foods blamed the Hurricanes for disappointing 4th quarter earnings…
Please don’t buy this stock!
