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Failure of the Dow to sustain several rally attempts is very negative. We could be witnessing a meltdown to the 10850 area. Had thought we would see a 3 day rally this week before heading down again. Not looking good right now for the bulls.
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Dude, there was no way to rally the Dow imo.....>We fell back into the weekly channel but was too close to the top rail....You're not looking at the charts, I don't know what you're looking at frankly.....We're headed to that bottom rail now...Comment
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Interesting tape action today with numerous buy and sell computer programs going off. It appears that someone is in trouble -- big trouble and more than likely it is a hedge fund. Just my opinion. That said, the fact that the Dow was able to rally back 60 points from its low for the day has to be a positive.
Normally, a rally back of such magnitude should bode well for the close, but there are too many cross currents in today's action to really know how we will close. If a large hedge fund is in trouble, all 3 major indices should close near their lows for the day. If not, we could see a nice reversal in the final hour of trading. There is a clear effort IMO to close the Dow over 11100.
Bottom line: Stocks will either close near their lows for the day or near their highs. Your guess is as good as mine --- maybe even better. <g>Comment
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[QUOTE=Jim Smith]Dude, there was no way to rally the Dow
Dow has now rallied back 90 pts from its low for the day and is down only 12.
Tape doesn't lie.Comment
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we could see a nice reversal in the final hour of trading. There is a clear effort IMO to close the Dow over 11100.
Bottom line: Stocks will either close near their lows for the day or near their highs. >>
Looking good for the close. Decline is over. Stocks should rally the remainder of the week.Comment
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are you about to change your mind? We closed red....But the VIX spike has me believing a bounce is coming....Comment
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I just posted that the decline is over and the rest of the week should be positive.Originally posted by Jim SmithComment
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The rest of the week may very well be positive......But I will tell you straight up, this decline is NOT over....As I said, watch for the 10 year treasury to yield 4.8% over the next two weeks....This is likley to get the market moving up, not by much.Comment
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The decline is only over very short term. Expect Dow to test 10850 - 10875.Originally posted by Jim SmithComment
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Going DOWWWWwwwwwwwnnnnnnnnnn!!!!!!!!!!!Originally posted by NY4EverComment
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Today's action has all the earmarks of a one day dead bounce recovery.Comment
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I agree...Protecting profits is my strategy for now. I'm in cash.Originally posted by NY4EverComment
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Originally posted by Websman
Smart investor. Preservation of capital is the key to survival on Wall Street.Comment
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Market reminds me of May 1962 which does not bode well for the remainder of the month.Comment
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Extreme volatility very negative. Sell the rallies. Preserve capital.Comment
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