MARKET INTERNALS ARE IMPROVING
1 June 2009 by Cullen Roche
1 Comment
Today was likely another 90% up day. There is no doubt that the internals are beginning to improve:
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Comments
Perhaps a bit of skepticism is in order when a 90% up day coincides with the largest bankruptcy in US history, one that no doubt included the same strongarm tactics by the Obama administration against holders of secured credit, which will be followed by the same legally questionable court proceedings as in the Chrysler case. And who knows how far those tentacles will reach out into the wider economy — already one supplier (Lear) announced it will not make interest payments on its debt, which most people see as the first step toward bankruptcy. But I guess 'quantitative easing' will take care of all that…
One question that keeps suggesting itself: If the US consumer is approx 70% of the economy, where will the jobs come from?