Powder Blue Report

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Monday, January 21, 2008

Financial Meltdown In The Works

Our markets are closed today for the MLK holiday, but the futures markets aren't and right now the Dow futures are off over 500 and the S&P futures are down over 60. Overnight the Asian & European markets sold off over 5% because of worries about our economy. President Bush is pissing into the wind if he thinks his so called "stimulus plan" will help at this point. It won't. I've been telling everyone here on these pages to get the hell out of the stock market. Did anyone listen? You've had plenty of time. We had a nice rally up before Christmas to exit. We're now down 10% across the board in the new year and we're just getting started. Bear markets last a long time. We could correct another 30% down as I see it. Watch for a rate cut of 1% before the market opens tomorrow.

Here's my post from last August warning people to get out of the stock market


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