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
2 comments:
Hi Saleem,
The 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,
After 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
Post a Comment