2. The non financial aspect of some astro patterns forming over the next weeks is documented by the following story and a pending strike by Israel on Iran which would be one trigger for a big sell off in stocks after all. That will be again an inside trade for the ones close to Israel who will definetely know before it happens.
Iranian Nuclear Effort Nears ‘Breakout,’ U.S. Says
By Jonathan Tirone
Sept. 9 (Bloomberg) -- Iran’s atomic work is nearing a “dangerous and destabilizing” breakout point at which the Persian Gulf country may be able to build a bomb, the U.S. envoy to the United Nations International Atomic Energy Agency said.
“Iran is now either very near or in possession already of sufficient low-enriched uranium to produce one nuclear weapon, if the decision were made to further enrich it to weapons grade,” Ambassador Glyn Davies said today in a prepared statement to the IAEA’s 35-member board of governors, which is meeting for a third day in Vienna.
3. The ongoing credit crunch is the best indicator where the economy is heading where is no substantial recovery or a turnaround at all just a bounce back for several one time effects.
Record Plunge in U.S. Consumer Credit Signals Weakened Spending
Sept. 9 (Bloomberg) -- A record $21.6 billion drop in borrowing by Americans added to evidence that consumer spending will be slow to recover as banks and credit-card companies tighten lending standards and households pay down debt. Not only that consumers will be out of the game for a long time the governement sponsered purchases will be missing the next years and drag the economy even more down.
Consumer credit fell by 10 percent at an annual rate in July to $2.5 trillion, according to a Federal Reserve report released yesterday in Washington. The drop was more than five times larger than economists forecast. Credit fell for a sixth month, the longest series of declines since 1991.
“The consumer is hunkered down in the process of repairing his finances,” said Ryan Sweet, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania. “Consumers remain very cautious and won’t be leading us out of this recession.”
Unemployment that’s projected to reach 10 percent by early next year and a decline in household wealth are casting doubt on the strength of the recovery from the worst economic slump since the 1930s. Federal Reserve policy makers, at their last meeting in August, expressed “uncertainty” about the projected pace of gains in spending by households.