Mr. Market isn’t very happy right now. When I walk the streets of Chicago and talk to people that I meet they are hopeless. There is no way out. A growing sense of impending doom is on the minds of everyone.
One person told me yesterday we need a good Democratic candidate.There will be no such thing. There is no one in the Democratic party that thinks much differently than Obama. Creeping socialism isn’t a policy for growth.
On the other side, no one is really jazzed about the Republicans either. You can punch holes in each one of them-but they are all better than the current occupant of the White House.
The headwinds are huge, and the fiscal policy response by Obama was the exact wrong medicine to try and get us through the storm. Technicians that I know are extremely bearish.
The fat lady is singing.