A friend called this morning. He can’t believe I’m not writing about the stock market disaster and the circus inside the Beltway. “This is right up your alley, Jim, you should be writing about this in your blog.”
Ah, but I have been writing about it for the last couple of years. This is old news for anyone paying attention to the news and carefully ignoring the blather that passes for news on t.v. and radio. I get no satisfaction from saying, “I told you so.”
So for now the colors of the changing leaves, the soybean and corn harvest, and the width of the middle stripe on the wooly bear caterpillars is far more interesting. Even the hapless Cornhusker football team holds more drama than a nearly perfect 38% Fibonacci retracement in the Dow Jones industrial Average.
From here the stock market will almost certainly bounce for a while. Every indicator that matters has been saying that it would retrace down to around the 11,000 mark and now those same indicators say it should bounce back up for a year or so before taking another plunge.
Unfortunately the prospects don’t look so good for the Huskers.