If/when the market drops below current levels many technicians believe we could test last year's lows. We have tested current levels at least 3 times and rebounded every time, but each rebound has been weaker and weaker. As I've said in the past our "economic recovery" was based solely on governments around the world throwing money into the pot and hoping it works somehow. Now the money is spent, debt levels have risen to dangerous levels, and we are worse off as a result. Naturally, a retest is not a sure thing, but each day that passes makes it look more and more likely.
We need to shrink the government and get our fiscal house in order. This is going to be a painful process because so many people are sucking on the government's tit. However, look at virtually every country in history, and you will see that the larger a government gets relative to the private sector, the worse the country does economically. This is not my opinion, do your own research. Our government is getting larger by leaps and bounds. We need to return America to the people, and return to the principles this great country was founded on.
Note: Two hours after I wrote this the market dropped 1% in the last half hour of trading to go below the support levels.
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