First The Good News....

President Obama says the recession is over. That’s the good news.

No one seems to register the fact that the U.S. unemployment rate exceeds 10 percent, and has made it to a 26-year high. One hundred and twenty-four U.S. banks have failed since the beginning of the year. Major U.S. corporations continue to fall like pins in a bowling alley. Bailed-out losers keep coming back to the trough for more, and they get second and third bail-outs. Trillions of taxpayer dollars have evaporated.

Perhaps Mr. Obama is right. The “recession” is over. We are no longer in a recession. It looks more like a depression to me. That’s the bad news.

Tech Sell Signal

Market technicians watch moving averages – and this past week hordes of stocks and indexes plunged downward through their Fifty-Day moving averages.

The day after we’re told that the recession is over, markets go to hell on a handcar.

I repeat....Hold onto your hats!!