Not good, but not terribly surprising since we made note of it on Friday night. Once you get all of these guys out there saying "market trend is your friend and it's going higher", is when you cash out and head for the hills. Well, looks like things are happening this way.
Not to mention that today's existing home sales data is more than discouraging. As I noted on today's Reuters conference call, if jobless claims do not break under 500,000 within the next 6 weeks, we will probably see a double-dip drop for the economy and the markets. This will be catastrophic.
We need jobs and we need them fast. Hopefully, our "trusted" lawmakers on the Hill and the White House will get their crap together and start developing a plan other than spend, spend, spend.
Talk to you,
Todd M. Schoenberger
LandColt Trading, Inc.