Dow into new recent high - pigs fly too. All signs are that the economy is slowing. The arguments in the newspapers as to explain the strength in the markets changes day to day. Firstly, it was the profits from Lehman and Goldman, then it was the oil price falling, then it was techs. supporting etc etc. The durable order report showed weak demand in every sector except Defence and Autos (Autos ? after Fords recent showing). Builders are reporting difficulties and mortgages are down about 21% in the year. Tonights big news is that new home sales are up 4.1% in August. Note that if you look at past downward revisions of this number you would suspect its worth until two/three months down the track. GM is a basket case and demanding billions to join an alliance with Nisan and Renault - SP up another 3%. I suggest that people have a look at GMs balance sheet - Equity to debt ratio is 1/29 and it has been the star performer over the last two days.
Dow into new recent highs - Blah - US is a basket case about to explode.
DOW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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