All is Glum on the Western Front

Wednesday, May 26, 2010, 5:46 PM
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Today the Dow closed below 10,000 for the first time since February 10, when it finished at 9,908.  Trying to figure out which way this thing is headed has proven difficult.

Such high volatility is often a feature of tops and bottoms.

Again we find that the markets were trading as the inverse of the dollar, which had another strong day.

Money sloshed this way and that way.  Etcetera and so forth.

I don't necessarily want to diminish the psychological importance of closing below a 'big round number,' but it hardly has any real significance at all.

The real problems remain firmly in my view.

There are four truisms that form the core of my near-to-intermediate-term outlook:


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