I haven’t posted today, because I have been watching the market and doing a little paper trading (fake money…not real)
Here’s the official story via the AP:
Wall Street tumbled Monday, joining a selloff around the world, as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The credit market remained under strain, and investors piled into government bonds. The Dow Jones industrials skidded more than 300 points and fell below 10,000 for the first time in four years.
The markets have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash.
Here is the Dow Chart:
The line to the left of the vertical slash, is the market today. Oh yeah, it’s that ugly…
On the other hand, Gold is looking very promising:
(charts from thinkorswim.com)
My advice to everyone, if you nervous, sell what you’ve got and invest in Gold.
More gold Charts:
So much for that “Bailout” eh?
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