Jeff  Carter

Mr. Market isn’t very happy right now. When I walk the streets of Chicago and talk to people that I meet they are hopeless. There is no way out. A growing sense of impending doom is on the minds of everyone.

One person told me yesterday we need a good Democratic candidate.There will be no such thing. There is no one in the Democratic party that thinks much differently than Obama. Creeping socialism isn’t a policy for growth.

On the other side, no one is really jazzed about the Republicans either. You can punch holes in each one of them-but they are all better than the current occupant of the White House.

The headwinds are huge, and the fiscal policy response by Obama was the exact wrong medicine to try and get us through the storm. Technicians that I know are extremely bearish.

Look out below next week. Most big market ($SPY, $ES_F) declines happen in October.

SPDR S&P 500 Price Stock Chart

SPDR S&P 500 Price Stock Chart by YCharts

($QQQ, $NQ_F) The Nasdaq hasn’t fared much better. It might lead the way down.

QQQ Price Stock Chart

QQQ Price Stock Chart by YCharts

The fat lady is singing.

Jeff Carter

Jeffrey Carter is an independent speculator. He has been trading since 1988. His blog site, Points and Figures was named by Minyanville as one of The 20 Most Influential Blogs in Financial Media.