Still inTook a shot to the chin today but a bounce was expected.
At the most the market (and oil ) will have one last little unconvincing rally before things come apart. I believe it is unavoidable.
More, possibly hundreds of US bank failures (150 at immediate risk) are imminent due to continued bad loans in commercial and residential real estate (not to mention record bankruptcy and credit card defaults).
Unemployment rates across the board are way too high to support a consumer-led recovery (and 2/3 of the US economy is pushed by consumers)
China is running out of steam and places to store the massive stockpiles of base metals and oil, bought with stimulus spending (and not real demand ) that has pumped those markets. They have also cut back drastically on their loan stimuli to avoid agitating their home- made bubble. Guess what - no consumers- no demand....pop goes the government- sponsored-overweight weasel!
Drainman