November 2001
September 11, 2001. Thousands lost their lives horribly and suddenly through acts of terrorism, a tragedy that will have a longstanding effect on both the nation and humanity. And the twin towers of the World Trade Center, those symbols of prosperity and capitalism, are gone, destroyed through those same acts. Does all this signify a fall from power for the strongest nation in the world, or an end to its freedom?
No. What took place that shocking day left Americans in a state of fear and disbelief and will leave an emotional scar on all of us, especially on those who had the misfortune to witness the event or lost loved ones in the disasters. But let us hope it's only a scar; we can stand again and learn to live again if it's only a scar. We cannot let that fear overcome us; if that fear is allowed to spread, it could result in an economic situation even worse than the one we are in now. As it is, the outlook for the US economy is not terribly rosy, and a further decline could have consequences beyond our imagination. The President has an overwhelming challenge before him: Amid a time of fear and chaos, he must restore confidence among the American people.
We knew we needed something to jumpstart the economy again, but surely not this terrible event. About a week prior to the terrorist attacks on the nation, I was discussing the US economy with someone and trying to reason out its cyclical movements, and how the economy could become strong again. We knew we needed something of enormous proportions to end what seemed to be a never-ending downslide for the economy. We got something of "enormous proportions." Little did we know the monstrous tragedy that the President would call "an act of war" was fast approaching.
Did we need something so devastating to restore patriotism and trigger
a recovery? We can only wait and see, and given the circumstances, I am
not going to speculate. Thousands of lives have been lost and I only hope,
as the President states, that "good will prevail." We at Technical Analysis,
Inc., express our deepest sympathies to the friends and relatives of those
who lost their lives, and to everyone affected by this tragic event.
Good Trading!
Jayanthi Gopalakrishnan,
Editor
Excerpted from an article originally published in the November 2001 issue of Technical Analysis of STOCKS & COMMODITIES magazine. All rights reserved. © Copyright 2001, Technical Analysis, Inc.