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Tuesday, December 02, 2008

Sit down - I have some shocking news

Are you sitting? Here it is:

We are in a recession.

I know what you are thinking - did you read that right? A recession?

Yesterday, the Natural Bureau of Economic Research confirmed what everyone has know for quite some time:

Erasing any lingering doubts, there was also a declaration that an economic recession has been in progress in the United States since December 2007, made by the National Bureau of Economic Research, the nonprofit group of economists that classifies business cycles.

Entering this week, there was a lot of celebration over the five day winning streak in the Dow - yesterday over half of those gains were wiped out. The good news is we are still above 8,000. The bad news is down seems to be the path of least resistance.

All I know for sure is that December looks to have the same volatility as the past few months - which is great news if you are a trader!

Here are some stats courtesy of Stock Bee and Trader Mike.

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6 comments:

TonyB said...

X,

In a post a while ago you spoke about a service you were thinking about that might help with setups. Any news on that?

Thanks,

TonyB

Trader-X said...

Hey Tony - yes, I should have a Q&A post up [hopefully] tomorrow. It is actually a service for daily watchlists.

I also hope to have my MA post up this week as well. And Tom C. was working on a guest post for [maybe] next week.

Anonymous said...

Recession? That is crazy talk.

RJ

Mark said...

Great to hear Tom C. will be making a post!

virtualredhead said...

NBER can roll out all the fancy "statistics" they like, I think we were officially in a recession right about when people started wearing clothes made from their pets' shed fur.

Trader-X said...

WTF???