HE is very negative on the economy for sometime and now he is warning of catastrophe.
Here are some of the "bullish" headlines in the newswires today: they confirm what I have been saying all along: it is a suckers' rally in the stock market and we are headed towards a nasty recession. Expect a nasty bear market in equities - in the average recession the S&P falls by 28% - once the delusional dream of perma bull leads them to wake up the reality of the nasty and deep recession ahead:
* Services in U.S. Grow at Slowest Pace in Three Years Service industries in the U.S. expanded at the slowest pace in more than three years in September as the housing slump deepened.
* Wal-Mart Cuts September Sales Growth Estimate to 1.3% Wal-Mart Stores Inc., the world's largest retailer, unexpectedly lowered its estimate for U.S. comparable-store sales growth in September
* Orders to U.S. Factories Were Unchanged in August after a 1% Decline Orders placed with U.S. manufacturers were unchanged in August, the second month without an increase, suggesting a slowdown in production as the economy cools.
* ADP shows 'sluggish' gains of 78,000 jobs The U.S. economy added about 78,000 private-sector jobs in September, another month of "sluggish" hiring, according to the monthly ADP employment report released Wednesday.
* Manhattan Co-Op Apartment Prices Dip 16% as Buyers Favor Condos (Bloomberg) Manhattan cooperative apartment prices ell 16 percent in the third quarter as more New Yorkers avoided lengthy co-op approval proceedings by opting for condominiums that typically have fewer regulations and higher prices. he average price of a co-op, in buildings where tenants owncorporation shares and set rules, fell to $1.09 million from a record $1.3 million in the second quarter.
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