BKX – market outlook

The BKX looks like almost all indices – it still needs to dip to complete this little downleg but a countermove is likely thereafter. Hence, we are in a kind of sideways consolidation for the remaining year as we head for the lowest interest rates ever scenario in history. This will not solve the problems, it is rather an indication how severe the problems are – even the ‘Midas’ Goldman touch is gone. Banks are heading for a nightmare 2009 but Obama will produce a fake-out “we can make it” program to boost the economy – Japan tried that one for two decades without much success.

Expect some selling pressure for the next days after the FED decision is out and some upside manipulation in the days around the holidays to put it briefly.

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~ by behindthematrix on December 17, 2008.

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