Today's Dow market is off by almost 200 points and has been below that mark for the day. However, gold has taken a downward trend and is off by about $10 so far after falling more than $20 on Friday June 12.
Many think the current rally is a bear rally and may have ended as of today with the 200 point drop in the Dow. Lot of experts who follow the Elliot Wave theory of investing are expecting a huge drop in the market and some are even predicting Dow 400. Yes, you read that right, it says Dow four hundred.
Much of the nonsense spouted today from the financial news pundits is nothing more that drivel to take up their time on cable channels. When unemployment figures include another 601,000 claims for the past week and the financial channels are all giddy with excitement because unemployment claims were not at 615,000 as the experts had predicted.
When 601,000 people lose their jobs in a week there isn't anything to be excited about because there are 14,000 less claims than expected. What the heck is wrong with the experts, 600,000 people lost their jobs!
It it time to invest in gold?
Monday, June 15, 2009
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