Dow -2.11%
Nasdaq 100 -2.4%.
Russell 2000 -2.0%.
S&P 500 -1.86
The above are just 4 of the indices that closed in the negative territory yesterday.
I've said more than enough about the sick US economy / market (can't tell one from the other now, can we?) in my earlier posting.
Regardless of the measures taken to alleviate the housing and credit crunch problems, and whatever the motives and agenda behind these initiatives, DOW seems it's going to be DOWN for a while.
Fundamentals and common sense aside, Dow's daily chart shows that it's sitting on support now. If consumer confidence data (to be released today at 10am EST) is good, or if there's release of ANY news that's mildly bullish, we should see bears taking a breather AGAIN. Maybe in the form of another doji or spinning top. Otherwise, for today, it's likely going to be a long bearish candle that falls through support.
That's my personal take.
Yes, I'm bearish.
Doesn't mean I'm a bear. I can be a bull anytime the market turns bullish :-D
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