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Economics

Get Ready for the Next Wall Street Bailout Push

Written by Joe Scudder

The stock market is showing bad signs which means we will soon hear cries for a Wall Street bailout.

A stock market “correction” is probably long overdue and it can only mean one thing: a concerted effort to get a Wall Street bailout. Get ready! The last Wall Street bailout haunted the so-called “recovery.” We should do everything possible to prevent our government from “helping” us in this way because they will actually help the rich and powerful at our expense.

The Wall Street Journal reports, “Worries Grow About the Stock Market’s ‘Bad Breadth’

A slew of signs are pointing to bad market breadth, or weakening measures of broad-market momentum. Even though the S&P 500 has inched down just 1.7% from this month’s all-time high, the  Journal’s Morning MoneyBeat newsletter noted Friday that a confluence of worrisome signals suggest that the market could be setting up for a pullback.

Exhibit 1 is the 50-day moving average of the S&P 500, a short-term yardstick used by technical analysts to track trading momentum. The benchmark failed to hold above this measure on Wednesday and on Thursday rose to the line before retreating to close negative on the day. The longer the benchmark takes to break back above, the thinking goes, the sturdier this technical resistance will become, hindering the potential for gains.

Read the entire WSJ story.

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


About the author

Joe Scudder

Joe Scudder is the "nom de plume" (or "nom de guerre") of a fifty-ish-year-old writer and stroke survivor. He lives in St Louis with his wife and still-at-home children. He has been a freelance writer and occasional political activist since the early nineties. He describes his politics as Tolkienesque.

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