Oilper barrel has reached within 30 cents of $100 a barrel.The broader market index, the Russell 2000, which made its all time high on July13th, has come back to a double bottom with its August low.As you can see from all the charts I have presented today the stock marketoverall is at a crossroads of sorts.The question in everyone’s minds has to be will it stop going down at theselevels or will it continue to disappoint the investors?That is not a question I could answer, but from my perspective I would suspectthat there will be an attempt to try and support it in this region and only time willtell if they can succeed personally I don’t like their chances but stranger thingshave happened in the past 30 years.Chapter 8 141 The issue seems to be the proposition that consumer’s will nothave the same degree of disposable income to keep up the spending spree. Then we could look forward at 61.8 of 86 whichis 53 days, after that 1:1 with 56 days.Just to give you an idea of the current news surrounding the market at this time.Sub Prime losses and write downs are still the big news the media is reportingthat this decline in US real estate values is the worst in 20 years and could leadto a recession.
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