filed in My Investments on Nov.20, 2008
So the major two news items that are being broadcast today are the fact that jobless claims are at a 16 year high in the United States and I’m sure Canada will follow suit when they make their announcements.
Secondly, going to my earlier post, after a brief rebound during the day, the stocks tanked another 5+% today thanks to the democrats and their delay in voting on the auto bailout. At this point, the delay is expected to go into December which is the next possible date for an announcement. I remember reading the other day that Germany might have an announcement around Christmas. Lets hope its not a lump of coal.
So as new old floor levels have been smashed and we are in the basement now. Friday does not look all that good either. Pay attention to the Asian markets overnight to get an idea as to what to expect. Oil is down more so gas prices will fall overnight making the fill-up cheaper in the morning.
Finally wanted to add another piece of gloom news you might hear tonight or tomorrow on the news, some of the hottest housing markets are literally falling like stones. Northern California, which was a hot area to buy a house for saw some exponential growth in years past but today it was posted that home prices have fallen 40% so far. There have been numerous listings where homes were selling for almost $1million and people were just flooding the area to get in on the rush without looking at the long run and once again greed has forced some to realize that their million dollar home is almost worth half of what they are carrying a mortgage for. Tough times ahead.
Until the next installment…