Quick Inter-day Update on the Markets
Feb 12, 2009
Posted by Jody Eisenman | Filed under Uncategorized
The markets have continued their descent based on lack of enthusiasm for either the new Treasury program or Obama’s stimulus package. Technically speaking, we are basically hanging on the edge of the S and P 500 and DJIA support levels. A relatively small decline from here could lead to a complete selloff in the markets of 800-1000 Dow points relatively quickly. It doesn’t seem that investors have much confidence in anything the government does. If history is any guide, this is not surprising, as the recession deepens and the market drops despite every plan the government has come up with so far. I’ve got my rally hat on.
February 13th, 2009 at 2:01 am
here’s rootin’ for a week-long rally to 900 (SPX). It looks and feels a lot like the first week of december.
With Geithner behind us, there’s not much holding us back. Plus, with the bounce off DJI 7699 today, we’ve already tested the previous bottom. I can’t really see there being much restraint.
From a charting perspective, today looks like a trend-reversal (IMO).
February 18th, 2009 at 12:54 am
Well, I hope you’re right, but today’s action was awful. We have now closed below support.