The market had a terrible day today losing almost 250 points. The blame for today was the ADP Report which showed a loss of 693,000 jobs in December. The official Unemployment Report for December will be released on Friday morning. I expect most of the corporate news to be bad for awhile as companies take as much as they can in losses for 2008. Tomorrow will be interesting as Obama will outline his economic plan for recovery. Thursday is also the fifth trading day of 2009. The direction of the market will be very important to me. Will the horrible unemployment report be discounted? We will see.
Random thoughts......Citi is working with the government to get the bankruptcy courts to change the law and allow CRAM-DOWNS (read a previous blog of mine to fully understand)....Obama will delay the tax increase on incomes above $200,000 until 2010....Obama is hinting that his plan could more than $1 Trillion.....Deflation has to be stopped now or it will be too late...we have a few months to turn this around or it will be too late....
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2 comments:
The 5th trading day happened. It seems like it will be a very "unchanged" year (market wise). Grrr. :(
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