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Doggy See, Doggy Do
Posted On Monday, August 17, 2009 at at 9:54 AM by Finance Fanatic
Hopes for yet another week of rallying were quickly put to rest as the Dow opened down just under 200 points on Monday morning. Asia first set the trend with the selling yesterday, as the Shanghai Composite closed down 5.8%, which was the biggest one day decline they have seen since November of last year. Japan also suffered deep losses in their markets, so to see the week begin on the red side is not such a surprise.
Lowering commodities, metals especially, was a big factor in sending the Asian markets down. Also, continuing worries in the financial sector are, once again, bringing up doubts about the sustainability of many of the big banks. Friday closed in the red with the help of a worse than expected consumer confidence report, which to me was no big surprise. If such deflationary trends continue, this two-day selling trend could be extended for a much more lengthy period.
The market has been waiting for a pullback, and here it is. The question on everyone's mind is how long will it last. In recent times, these pullbacks have been very brief. However, if a deflationary down spiral gets thrown into the mix, we're in a whole new ball game. Beware of a sell off close.
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