| Grizzly's Growlings Back Issues |
Monday Morning Market Musings 09/21/98
"Should he stay or
should he go now..."
Nearly 100 newspapers including influential standard-bearers such as USA Today, the Denver Post, the Philadelphia Inquirer, and the Atlanta Journal-Constitution have now called for the president’s resignation. Yet his ratings in the polls remain solid. The vast majority of Americans still appear to not want Clinton to resign. They still do not want him to be impeached. They just wish the whole thing would go away. Unfortunately, it won’t. As we’ve stated over the last several weeks, the only way it can go away is for the president to go away. The only way he can salvage any respect and dignity for his presidency is to resign.
However the markets react to the Clinton videotape, it will be just a temporary event. It will just be a distraction from the deepening worldwide economic meltdown. Brazil has moved into the Intensive Care Unit, joining roommates Russia and most of Asia. The clamoring for tens of billions in additional IMF "aid" grows louder each day. Ten TRILLION wouldn’t be enough to pull the world economy out from the abyss.
Despite the strong astronomical patterns calling for the start of a major sell-off last week, it hasn’t yet materialized. Last week’s turning points didn’t pull the trigger. Nevertheless, the potential remains extremely high for an historic crash over the next 4-6 weeks.
The DJIA managed to eke out a 100-point gain last week. Tuesday's and Wednesday’s choppy gains yielded to very quit trading in a narrow range the rest of the week, despite Friday's triple-witching. This type of consolidative action is a calm before the storm. It almost always concludes with a quick resumption of the major trend: DOWN! .
Perhaps it starts today. For the seventh time out of the last eight weeks, Asian stocks are down sharply and broadly to start the new trading week. In fact, every single Asian market monitored by Yahoo.com (save Thailand) is down Monday morning, led by the Nikkei 225, which is off 320 points (2.3%) to 13,662, a new low.
At press time at 1:00am Monday 09/21, the S&P 500 futures on the Globex are trading down 14 points to 1017, adding more fuel to a potentially very weak week on Wall Street.
US stocks remain on FULL CRASH ALERT!
"Yes, the president
should resign. He has lied to the American people, time and time again, and betrayed their
trust. He is no longer an effective leader. Since he has admitted guilt, there is no
reason to put the American people through an impeachment. He will serve absolutely no
purpose in finishing out his term; the only possible solution is for the president to save
some dignity and resign."
-- William Jefferson Clinton, 1974, on
President Nixon
Grizzly
Please read the disclaimer.