Markets owe a "big thank you to Fed ....who urgently provided liquidity more than what was needed".....
Fed was fully aware that "Shorts are controlling the markets & there is too much commentary on DOOM & GLOOM...thus drastic steps are needed to send a strong message"
Fed action will "boost confidence worldwide...to equity markets"....
I am expecting a major turnaround in markets worldwide starting in Asia...then Europe then to our North American markets.....starting from Monday trading.....
Those who have not positioned for this "major TURNAROUND...will miss the early RUN"....
Fed action will force SHORTS to cover....and NORMALCY will return to the markets.....
Techs & strong techs will lead the way........
My portfolio took a beating thanks to RIMM.....which tested & retested support @ $206..closing @ $207...down $9.....
STP was also down $2.06...thanks to
FSLR whose secondary was not well recieved....FSLR had to cut the size of offering from 9.65 million shares to 6.5 million shares & price it lower @$95...closed @ $94.42...down $8.58..below offering.
SNDK stayed GREEN UP 67 Cents.
CMED UP 10 cents.
I will be posting by 10AM saturday list of technically Strong,Weak & Momentum stocks.
BLOG does not give buy or sell.
Saleem
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