That’s the decline in the S&P 500 so far this year so, so if you bought an index fund 51 and a half weeks ago from Mr, Bogle at Vanguard you need over 60% just to get even. Keep me posted on how that works out. If you are over 65 and had 500k saved up for retirement you now have about 300k. You get the picture.
I’ve shorted RTH twice this year with phenomenal results and I do believe the group is destined for a retest with in the next several months so keep an eye on it if you wish. Many feel the group has bottomed but I think it is just a pause before it takes a further bruising. I base this opinion on a further deterioration in unemployment, and the fact that folks just have way less wealth. Challenger is predicting another one million layoffs in 09,so you tell me if that 70 inch plasma is going up next to that handsome moose head.
Third-quarter GDP data is due out Tuesday, as well as consumer sentiment data, new home sales and existing home sales data. I will probably fool around until early afternoon today but need to nail down some Christmas gifts, I thought I would try and get it done early this year.