HELPING PHYSICIANS ATTAIN FINANCIAL SECURITY
By Robert M. Doroghazi, M.D., F.A.C.C.
The DJIA was down 228 points today, to close at 11,984. Note also that it broke below recent support of 12,000 (see chart of DJIA, next page).
Of further concern was that the stocks that had been leading the way up, such as the ETFs OIH (Oil Service Holders) and XLE (Energy Select Sector SPDR), also broke to new recent lows.
If there is one stock to watch, I suggest Freeport-McMoran (FCX, see chart page 3). I consider it the stock market proxy for copper, which is a proxy for industrial/real estate/infra-structure activity. FCX started to break down in early January, a whole month before the DJIA peaked. If it continues to drop, watch out. If it again leads on the way up, it should turn before the market.
The market has been going almost straight up since the low exactly 2 years ago. Could the market be signaling what Stephanie Pomboy cautioned in Monday’s Barron’s, that the economy will weaken significantly later in the year, or that the problems in the Middle East are worse than they appear? Caution is clearly warranted.
RMD
A beaver has discovered our 21 acre lake in New Franklin. They may look all cute and cuddly, but they are terribly destructive. Not only do they cut down trees next to the lake, but of critical importance, they are blocking up the drainage pipe. Until we can get him (them) trapped out, we are going out regularly to physically/manually unblock the pipe.
A state policeman often prowls a stretch of road along the way. He was there when I was out on Sunday. Today, on that exact stretch of road, a white SUV blew by me. I thought “Where is that cop when I need him?”
When I rounded the next turn, guess who was pulled over at the side of the road?
RMD comment: I didn’t think I had that much pull with “The Man”.
Site by Delta Systems powered by ExpressionEngine