Dow Update and Silver State Bank
The DOW fell another 240 points today on weak financials and rising oil. Since the peak of 14,093 reached on October 12 last year, the index is down ~ 3,000 points or 21.4% - but we're not done yet!
Keep an eye on 10,800, as it's the next downside resistance - followed by 10,680. I expect them both to be broken - however timing is the only uncertainty.
With that said, tomorrow we will see data released from the International Council of Shopping Centers showing major retail chain sales data -- Note: Consumer Spending is 70% of the US economy.
Additionally, Monthly Consumer Confidence data will be released tomorrow -- a survey of consumer attitudes on present economic conditions and their expectations of future conditions.
I just checked opening futures for tomorrow, along with current Overseas markets: They are currently a sea of red.
Changing gears a bit:
Last Saturday I told you about two new bank failures that took place over the weekend - One being First National Bank of Nevada: Two more bank failures this weekend! .
Certainly, that was big news, but what I think may be even BIGGER news is: Andrew McCain, son of Republican nominee, John McCain, has resigned from Silver State Bank's board of directors this weekend -- McCain's son resigns from two Boards of Directors
Would a banking failure under son McCain's leadership look bad for dear old dad's election prospects? Hmmm...
Well, I suggest you keep an eye on Silver State Bank. Word on the street is they are not doing well.
Take a look at Bankrate and Safe and Sound ratings for Silver State Bank, Henderson Nevada: One Star (The Lowest Possible Rating) and 5G (Lowest Possible Rating).
I can only imagine the FDIC is working disaster/cleanup plans and decided it's probably time for Andrew to get out of the picture before the bomb goes off.
Politics at it's democratic best - gotta love it!