Skip to comments.Fiscal cliff blues may lead to market correction
Posted on 11/11/2012 12:32:26 PM PST by John W
Wall Street's post-election sell-off may gather steam in the coming weeks as worries mount about the looming fiscal cliff and technical weakness suggests a possible correction ahead.
The benchmark Standard & Poor's 500 closed below its 200-day moving average - a measure of the market's long-term trend - on Thursday for the first time in five months, and ended below it again on Friday. More than half of the Dow components are trading below key technical levels.
"I don't think you have to panic here, but I think you really want to be looking for the market to move lower for the next couple of months," said Frank Gretz, market analyst and technician for Wellington Shields & Co., a brokerage in New York. "I think the next rally is the rally you want to sell."
At the heart of the market's worry is whether U.S. leaders can come to agreement on some $600 billion in spending cuts and tax increases that are due to kick in early next year. Some fear dramatic cutbacks could send the U.S. economy into another recession.
(Excerpt) Read more at nbcnews.com ...
If I had money in this market, I’d yank it out.
It’s time to let the Left know what their policies will garner the nation.
Pull our money out. Just watch it melt down.
Then buy back at deflated prices when the s hit’s the fan, and the Left has been totally outed.
How do you tax the rich, when the rich have placed their money in safe haven?
Let’s let Socialism do it’s magic without our help.
I thought the market went down because Obama was reelected.
We can only pray that Republican extremists won't block President Obama’s new plan to end the Bush Depression.
Amen to all that.
Investors having large long term gains would be well advised to sell and pay the lower capital gains taxes that currently prevail.
When NBC states the obvious, the bottom is in. Time to load up on silver and gold.
Not going to happen. Nothing is going to bring this market down.
Who knows what the market might do, certainly not NBC. This is only mental masturbation to show commercials to the few who might still watch or read them.
Translation - Don't sell until our year end bonuses are in the bank..
My father who is 79 recently did just that.
I sold all, and closed account 9:00 am !!/7. Buy a bigger boat