fundamentals repeal bogus rally

As per this headline, fundamentals are asserting again now. Last week was just a day-traders orgy, otherwise known as a pump and dump. Now comes the dump.

S and P 500 down 8.93 percent last night. Off to a roaring start for my target, which is:

DOW = 6000 by Christmas.

Commensurate fall on XJO by then.

Oh yeah, wait until that USA jobs report friday night. ;-)

Here's last nights data:
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Indicator Period Release

ISM Manufacturing Nov. 12/1
10am Previous Period: 38.9% Forecasts: 37% 37.0% 38.4% Actual: 36.2%

Construction spending Oct. 12/1
10am Previous period: -0.3% Forecasts:-1.5% -1.3% -0.9% Actual: -1.2%

http://www.marketwatch.com/news/economy/economic_calendar.asp
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So that's just a snap-shot of one day, but practically all data out of USA for past two months have been worse than expected, and we all know how conservative most analysts are.

Note: I posted construction spending as it was there but that is less important than the ISM numbers above which is far more representative of economy in that it's the whole manufacturing sector.

In any event, both were contracting further.

Enough said.