Market Overview

Market Astrology: Is Facebook Going to Bail Out California?

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In my May 2nd article "A look at financials for May 3rd" I wrote about two dates that could become a serious setback to the economy and the financials - the dates were May 3rd and May 18th.

I also mentioned there could be news in May about a potential default in municipal debt, or a California default.

This week, California's looming $16 billion debt makes the cash strapped state look like it could default.

Some in the media are suggesting that the Facebook IPO could help California's short fall by bringing new tax revenue to the state. This could be the reason the Facebook IPO was moved to May 18th instead of June as was suggested earlier in the year.

We could have a substantial bounce in the markets on May 18th and into mid next week.

This could be a bear market bounce with the possible opportunity to setup short positions mid next week.

There could be another harsh setback in the markets May 26th-June 9th.

The bloom may came off the Facebook IPO as there is a potential setback to the offering with Venus retrograde in the first week of June. I prefer to let the dust settle on this IPO.

Editor's note: This article was contributed by Karen Starich of Astrology Traders - learn more about her service here.

Posted-In: California Facebook market astrologyPsychology Topics Economics Markets General Best of Benzinga

 

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