Dow kept going down to near 300 points from Bear market LOW & then RECOVERS......
Recovery from 246 points drop was fast & furious & barely closed with a loss of 6.77....
Nasdaq & S&P500 were GREEN......
Main reason for recovery was attributed to helping with mortgages by Obama administration..first there is a $8000 tax credit being given to first time home buyers & help is given to homeowners who are having difficulty with their mortgage payment......
AH rumour that 7 million share secondary is being offered by GERN with 10% to 15% discount from today's closing price......GERN trading Down 77 cents or about 10%.....
VIX closed @ 41.25.....below 40 would be better......High today was 48.63......
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteThe fast and furious buying to close up just 6 was more likely caused by the computers running risk/reward algorithms. Selling was drying up so a general shift in gears was appropriate. The mortgage rumors can't account for the buying rush. Humanity does not act that fast. IMHO.
Best Regards
Hi Standards,
ReplyDeleteAfter any recovery...there is a need of WHY it happened for non-participant....
Yes...market had exhausted sellers & computers kick-in buy program...an orderly transfer of wealth from sellers near low....
Details about how home buyers will be helped MAY have been CATALYST that market will find support near LOW...
Saleem