I have been doing some light reading (whatever passes for it nowadays) when I can't sleep at night. Yesterday, upon some random roaming, I came across Mish's Global Economic Trend Analysis. Nothing spectacular to me here but his market analysis are quite extensive and detailed especially useful for those who are looking for somewhere to start to learn about the market.
Meanwhile, voting for the US election has begun and that seems to give global stocks a lift. I wouldn't go as far as to say that the financial turmoils are settling but it does give some people the chance to unload. I believe firmly that in the long run, the stock market is still doomed to callapse so get out if you can.
In Canada, there are impending worries of what lies ahead. Last Friday, on 31st October 2008, Bob Rennie indicated that Vancouver has the fundamentals to survive this financial storm. Read the whole article here. This attempt at pacifying the panicking public is unlikely to produce much results. There is no denying that Rennie is a gifted marketeer but suggesting that this is the time to buy instead of sell? Sure, the price have fallen to 2005 levels for some properties, but many businesses are shrinking, cutting jobs and not to mention, the stock markets are in a mess. I seriously doubt any sensible person will choose this particular time to jump in the market.
Also yesterday, the Real Estate Board of Greater Vancouver released the October real estate figures further confirming that the real estate market is still decling fast with an overflow of inventory and lack of demand. The % decrease varies from different areas to different types of real estate, but the bottom line is that no matter how the authorities package the situation, Vancouver's real estate is going to continue the downward trend. You can read the report here.
Now, I stand on the sidelines with those bottom fishers. My guess is that it will be another year at least before the market settles. Meanwhile, I will stick to my light reading.
No comments:
Post a Comment