US Perspective—14.10.08
The Jacobsen Commentary and Market Opinion
Courtesy of www.thejacobsen.com
The North American markets have been quiet this week as many have been watching the stock market go south. The wait and see approach is the prevalent one in North America as well. Buyers and sellers are equally nervous about what will happen next.
Earnings forecasts and reports from most major retailers are down and a lot of people are nervous about a lower-than-anticipated holiday season. This week has seen steers soften slightly with today closing down $0.25 from a previously maintained high level of $67 for HNS. Cows and bulls are both weaker and there still isn’t a floor to be seen in that market. The US DJIA closed below the 8,600 point level today, which puts it at 40% below its high from a year ago.
