Watch out, folks. As we said recently, when all the teevee (this spelling seriously bothers one of our followers from Vancouver :) ) pundits come out and say ridiculous things like "trends are our friends", and "we have room to keep moving up", oh--and this gem, "there's no such thing as a down market"......ARE YOU KIDDING ME?!?
Come on, people! When you here crap like this you have to cash out, head for the hills, and plant tomatoes because the world (or at least the stock market) is about to implode.
Just like the Baltimore Ravens, once we hear everyone in Texas say "hey, the Ravens are awesome", then we'll know the first loss is right around the corner. Stealth is the way to go, especially stealth investing.
Now, we have October prancing in the paddock, ready to unleash some hurtin' on our portfolios. This could be trouble. More later in the week on this one.
Let's get to the overseas boxscore:
Shanghai Composite: -2.65%
Hang Seng: -2.07%
Straits Times: -1.26%
There are TONS of economic data releases scheduled for this week, but the granddaddy of them all will be Friday's unemployment data. Word on Wall Street is the unemployment rate is going to tick up to 9.8%. As much as we love optimism here, we can't help but think this prognostication is spot-on. More as we get closer.
Monday: No releases
Tuesday: Consumer Confidence
Wednesday: ADP, Chicago Purchasing Manager
Thursday: Jobless Claims, Personal Income & Spending, Vehicle Sales
Friday: Unemployment Rate/Data
Talk to you,
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.