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Vanishing Jobs and Rising Bailout Costs
While The DJIA Hits Key Resistance
Last week we discussed the prospect of rising job losses and last week’s November payroll report confirmed the phenomenon. The consensus amongst economists was that there would be 350,000 jobs lost. They were wrong, though: The actual number was a lot closer to 550,000 instead.
Even though the Dow continued to rally into this depressing news, a daily chart tells us that a veritable moment of truth has arrived:
The DJIA has tried and failed to clear its 50 day moving average. The 9000 level has proved to be serious resistance previously, and now that ominous blue…
12Dec2008 | Oxbury Research | 0 comments | Continued
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