My thoughts so far are BLAH! Exactly the markets were down and the Dow Jones Industrial Average dropped 220 points for about a 1.6% decline. Happy New Years Wall Street! I am gonna continue the trend of trying to post as often as possible even if they are short thoughts of the day. So today, the market is down because the ECONOMY sucks! Let's see OIL hit 100 dollars a barrel for the FIRST TIME EVER. That means the price at the pump will continue to hurt because of some suspect reasons in my book, see a few here (1. Violence in Nigeria, 2. OPEC talks about not being able to meet demand in 2024, & 3. Bad weather affecting Mexico oil ports).
Besides oil hitting record levels the people over at the Federal Reserve are very worried about the credit crunch. The credit crunch is taking a squeeze on the economy's growth and this is evident in the Fed's recent interest rate cut during their last meeting.
Finally, keep an eye out for a drop in the semiconductor sector. I borrowed this analysis from the Fast Money show on CNBC the other night. And like clockwork, many of the semi-stocks tanked today. Najarian on fast money is recommending shorting KLA Tencor (NASDAQ:KLAC) and I see this a nice short term play.
That's all folks...
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