Worry, worry, worry! Stock index futures are trading just a hair's breadth from last November's lows. Meanwhile gold futures have continued to rise, up about $30/oz. overnight. The dreadful news that some European governments won't be capable of bailing out the staggering losses of their banks, the ongoing fiscal crisis in California, GM possibly on the cusp of an inevitable bankruptcy, the downward trend of the Leading Economic Indicators, the continuing earnings dissapointments from corporate America, and the disappointment over the U.S. government stimulus bill, are weighing once again on stocks. So far today, the Dow has come within just 20 points of the November lows from last year. When I look at the state of the financial markets this morning, the image springs to my mind of a movies in which the hero has fallen off a cliff, and at the last second before he or she plunges to death, the hero manages to grasp a bush on the edge of the cliff with just one hand. There dangles our hero with one hand hanging onto life as the rest of his or her body hangs over the cliff. That's where are financial markets are today. We live in interesting times!
