Shares of Goldman Sachs (NYSE: GS) And Manpower Inc. (NYSE: MAN) remain in
bearish trends suggesting that the market and the employment picture remain
questionable at best.
Chart Courtesy of StockCharts.com
The stock market could bounce in the next few days. After all, the hype over the Facebook IPO is clearly on the rise and stocks are clearly oversold after nearly ten down days in a row.
But the action in Goldman Sachs and Manpower is abysmal. Goldman, who will participate in Facebook's IPO and who is selling a major stake in the company as part of the IPO, remains a Wall Street belwether. This stock is all about the market. When it rises the market tends to do well. And as it has done recently, when it falls, it's a pretty good sign that trouble lies ahead for stocks.
Manpower is all about employment, in both the U.S. and Europe. This stock is plunging to new lows on a regular basis as well.
Chart Courtesy of StockCharts.com
The combination of both stocks falling suggests that investors are increasingly concerned about the market (GS) and the economy (MAN) especially with regard to the situation in Europe, where Manpower does a lot of business.
Our gut tells us that even if the market bounces, if these stocks fail to join the bounce, we will likely see more downward activity to follow. Joe-Duarte.com is your own personal trading plan, updated daily. "Market Timing For Dummies" and "Trading Futures for Dummies" offer excellent ways to put together such a plan.
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Doctor Joe Duarte's Market I.Q., offers subscribers a unique blend of intelligence, market commentary and trading strategy. Duarte's daily articles, and news summaries offer recommendations and analysis for ETFs, and individual stocks in the technology, health and biotechnology, and energy sectors. Doctor Duarte is a writer, and an emerging futurist, with a diverse background, and a growing audience. His combined expertise in health care, energy, and the effects of politics and global intelligence on the financial markets offer a unique blend of insight and information to thousands of active investors and political and intelligence aficionados around the world on a daily basis.
He is the author of four books: "Futures And Options For Dummies," "Successful Energy Sector Investing," "Successful Biotech Investing" and co-author of "After-Hours Trading Made Easy."
In early 2001 Dr. Duarte in "Successful Energy Sector Investing," correctly predicted that Venezuela's political problems could lead to an energy crisis in the United States.
In 2003, also Dr. Duarte was among the first to widely publicize the long-term friendship between French President Jacques Chirac and Saddam Hussein.
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One of CNBC's original Market Mavens, Dr. Duarte has been writing about the financial markets since 1990.
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In 2003, Doctor Duarte received second place, in the professional section, of the Medical Economics Investment Challenge with a 12-month return of 42%.
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