Wednesday, October 8, 2008

970.97 on S&P 500 COULD be bear market low???

Today we had all the ingredient for markets to stage a "major rally"......

BUT.....

Rally failed by close????

Today 52 week lows set a new record ...on NYSE had 1842 & NASDAQ had 1161.....

Even though we hit new lows ....We have all the ingredient in-place for a major UP move......

Markets have discounted "severe recession".....

Lot of selling were initiated on the fear of new rules after shorting of financials have expired tonight......

Based on CNBC shorting will be allowed starting Thursday.....

SEC should insist & monitor borrowing of stocks before shorting...thus no issue of Failure To Deliver shares.....

IBM pre-announced better ER....as its stock was also trashed to new 52 week low on rumour of a miss....IBM lost $40 per share from its high...AH UP $4.50 @ bid......

BLOG does NOT give buy or sell.

Saleem

5 comments:

standardshigh said...

Hi Saleem,

This will be interesting. If we get a rally, the hedge funds under stress may sell the rally down. I can't see any rally sticking. There is just too much pressure to unload equities to pay for redemptions. At least I have gas! Looking to average down SOL.

Stocks100 said...

Hi Standards,

Hedge funds have been the-biggest seller in this slump..followed by retail.....

Selling is looking exhausted to me.

We are trading @ 5 year low.....time to see a major rally...which is overdue.

Saleem

madmax said...

GOSH all this is one tough market

Do we close green is the $25,000 question?? Any takers?

I got FRo and QLD to day trade
The Volume was crazy out of the gate now it is slowing down

I am under water in all right now

Cheers we got to get better

M

Stocks100 said...

Hi Madmax,

It will be a stock pickers market from hereon.....

Some stocks are NOT going down with market.....

Saleem

madmax said...

SALEEM

RIMM is blasting OFF strong baby strong--forgot waht you paid but your $$$$$ a head--or will be!

Looookie at my QLD record Volume today 34 million trades

My FRO is a stick in the mud but look at MON and BIDU

Cheers to all