Friday, November 7, 2008

Retail sales starting to take a hit.

That purchase of SCC (which is essentially a short of the retailer index) is starting to work out nicely, unfortunately. The New York Times released a rather dramatic headline yesterday about how "Retailers Report a Sales Collapse." It's hard for me to understand how these things can always surprise the market, but I guess I shouldn't get too frustrated since that is what gives us our buying opportunities.

I still stand by my caterwauling over the S&P 500 at 600 points. It will happen. Earnings still claim to be almost $80 per share for the S&P 500. You will see that fall to $60. Keep the faith of your convictions, and don't let these little "suckers' rallies" as they are called instruct you rather than serve you.

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