what an opportunity !!!, page-8

Goblin,

banks report soon and are defensive stocks. Good to be in if this is really the start of an economic downturn.
People will switch out of cyclicals and into defensive stocks such as food and banks. They have nice yields

But if they miss earnings then it will all go to hell.

I am not buying until they report

I think charts are good to look at at times. I keep them simple. I was more bullish before but when Dow Jones broke my descending triangle and support at 10,360 on higher volume I knew it was all over.

Only an excellent reporting season can save the US market. Fundamentally too many things worry me now.
Consumers don't save enough, have too much debt, property market falling, inflation, high petrol costs, interest rates going up, massive trade deficits.

Gonna be scary if the consumer stops spending and starts saving to repay all those loans.

No more buying Plasma TV's on credit from Harvey Norman.