Thursday, December 18, 2008

US stocks fall for second day

Wall St. sold off amidst news of a GE debt downgrade and the increased possibility of an auto bankruptcy. The Dow was down over 2% to 8605 while the S&P closed at 885. Earlier in the day, Indian stocks rallied 3% as the Sensex closed at 10,076 and the Nifty at 3060.

I think we're likely to see another negative day tomorrow worldwide in advance of the Sun-Pluto conjunction. There is a good chance that it will be larger than today's decline in the US. These are December's dark days to be sure. While next week may be somewhat better, I get the feeling that the market still hasn't finished testing the downside here. Saturn's station on the 31st looms large.