Wednesday, December 18, 2013

If You Think the U.S. Looks Bad, Take a Look at This

Tomorrow, we should know which way the world is headed.
That's when the Federal Open Market Committee (FOMC) is going to answer some important questions.
What will the Fed do about its quantitative easing program? Will it taper back on the $85 billion-per-month money pump, starting this month? Will it wait until March? Will it extend quantitative easing forever?
The decision is likely to spur some volatility in the U.S. stock market. Traders are nervously awaiting the outcome.
Meanwhile, foreign investors aren't sticking around to find out.
Earlier this month, we looked at the precarious condition of the S&P 500. The chart shows the index breaking down from a bearish rising-wedge pattern. It projects a move at least as low as 1,750 and possibly all the way down to 1,650.
As it turns out, the world looks just as bad.  (more)
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