Main Street Fears Lead to Wall Street Profits
May 7, 2008
According to a new CNN poll 79% of Americans when asked ” Is the US in a recession” said yes! Main Street has given into the media constant hype about high oil prices and how BAD the US economy is. Most on Main Street form opinions not on their own situation but what they think others are. Concern for your neighbor is ok, but does it actually reflect the current environment. In these types of situations, Main Street is wrong and does not reflect the actual reality but more so perceived reality.
As Crude Oil hits another all time high, Main Street will be reminded HOW BAD the economy is and how bad the Bush adminstration is. In reality, we have not seen back to back negative GDP growth and we have even seen negative GDP growth AT ALL. Even today, we are seeing selling only on the NASDAQ with higher volume. With that said, it will only be the second day of distribution the index has seen in recent weeks. It takes 5 to 6 days worth of distribution to knock down a market.
Again, no panicing allowed! Turn off the mainstreet media, go enjoy life!
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