Deepening recession & Bank weakness taking the markets to near bear market LOWS.....Dow came within 168 points of closing low.....
GOLD is UP $29.50 to seven month HIGH...
OIL Down $2.86......
US$ strong against Canadian $.....
Most sectors are down except Gold stocks which are hitting new HIGHS in some case....
President Obama & its senior staff have been talking down the economy & its recovery potential so confidence in the market will lag until we are deeply oversold..which COULD be the case today...
Only Short ETF is UP.....
BLOG does NT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Holy cow, someone is pounding the futures. This market opened way down, now it's justing biding time at the bottom. Do the traders really want to tank this thing? Loads of fear, not much encouragement from Washington.
Best Regards
Hi Standards,
This must be the RETEST of support..if they cannot take it LOWER..then they will take it HIGHER !!!!
Saleem
Hi Saleem,
What we need is a good +1000 point up day to clear the air and get things moving again :)
Best Regards
Hi Standards,
I have a feeling that once we turn UP from here..it will be a sustained move UP ABOVE 200 DMA on Dow....then 200 DMA will become support !!!!
Saleem
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