The % of NYSE stock above 200 dma is about the same and same chart pattern as 2011 right before the early August 2011 plunge that lasted into October 2011. that stat breached 70% declined to 55% rebounded to 70% for a few days before plunging to 30% with crashing market on US Debt downgrade that Secretary of treasury Geitner said would never happen....but it did. detroit is not the end, just the beginning. How can we pay for a cop or figherfighter's pension for 50 years? say they work from 20-40 then live to 90? It is unsustainable. This market is so ripe for a major plunge now. and many more cities will go bankrupt. Count on that and a huge equity market correction this summer. the 7.5% was just a warm up for what's ahead.
I saw this move, yes pull the 5 year trend this is going to be fun! trend looks to be around 1710 to 1720, I have a full load of bullets, just took all my money out of my futures account to trade this due to gap downs, I want all this in Options!
The debthas been moved to anoff balance sheet SHAM like the ENRON brge Deal.The Federal Reserve who has added more debt on its balance sheet in 36 months then the National Debt had added from 1929 to 1970. The Federal Reserve has taken on more debt then the nation had taken on in 40 years. Yet look at Detriot.