More ominous signs for 2008

Significant tops have formed in virtually every stock market in the world, whilst the volatility index remains high. How long before we tip into true bear market territory?

The FTSE 100 remains below the key level referred to in the previous issue, number 563, of 6000. It remains our view, that from a purely technical standpoint, that below 6000 this bear market remains undoubted. A similar key level for the Dow Jones Industrial Average is 13000.

It remains the case that significant tops have formed in virtually every stock market in the world - a condition that is most unusual and very ominous for 2008. (See charts below)

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