Finally dawned on the investors that we are in a recession with high real inflation and credit problems. We are as of today officially in a bear market. The all important bull support 690 was broken to the down side. Now will see if the official head and shoulder is realised. OEX 680 is near term target. If this line is broken, everybody should run for cover. Looking back at the last few days, could not help but to think how naive some investors are. Dr. B had alrady said no further rate cuts because of high inflation. Do people not know that this is a hint and that one would imagine Dr B would have advance information ahead of all of us and some of us has to wait for it to come out and still buy??? Whoever, advocates new market high should have his head examined. Of course, the market does not come down in a straight line but short on rallies is the theme now. Monday watch 693, 690 and 684.
2c
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