Today’s weak action was a continuation of the “dead cat bounce” correction of the recent crash. Although the Dow ended weakly, losing about five points, it seems to me the Transports, down 59 points as I write, are leading the way for this market. GLD and CEF closed a bit higher. And Treasuries closed lower, pushing rates higher. I’ll remind subscribers that the economy continues to slide in this bear market, regardless of minor stock fluctuations.
Interestingly, big box retailers are losing their middle class buyers, and it’s only the wealthy that are brightening their favorite retail stores, such as Tiffany and Nordstrom. The battered middle class are frequenting their favorite discounters, leaving their previous favorites such as Target, JC Penney and Best Buy wondering why their same store sales are fading.
Meanwhile the gold miners are pressured by the weak stock market. But CEF, which I like, was up ... Log in or subscribe to continue reading.
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