Tonight I've got another long term chart for you. Over the last 28 years the 20 month moving average has only turned down in bear markets. It's turned down again.
I started to hear a lot of talk this moring on the financial media how falling oil prices would save the economy. Amazingly enough I even heard that lower gas prices would translate into home owners being able to pay their mortgage and thus foreclosures would slow or cease.
All I have to say is where do they find these people? The damage has been done, we are in a bear market no matter how much one wants to deny it. Actually denial is what caused investors to ride the last bear all the way down into the 02 bottom.