Today the DJIA was down over 200 points on comments made to the Senate by Bernanke. The last hour or so of trading saw a 180 reversal in the DJIA and the S&P and seeing them close only fractionally. My question to you is this. Was today’s rally a result of dip-buyers taking advantage of the sales or was it a result of the bears covering their shorts? The technicals for the DJIA and S&P have broken down and as a result I would expect more downside in the near-term but today’s action doesn’t justify that thought.
Thursday, November 8, 2007
Friday, October 19, 2007
20th Anniversary of Black Monday
On the 20th anniversary on Black Monday, the Dow’s down about 155 points. The Dow has been negative for 5 straight days now. Personally, I was overconfident and am paying dearly for it now. The market will humble you and quickly. Updates will be coming throughout the day.
Update: Curbs are finally in but I think it’s a little too late. The damage has been done. Dow down 280 points while the Nasdaq is down 54 and the S&P down 30. Hopefully the selloff doesn’t continue the last 30 minutes or so as it sometimes has.
15:24: Dow down 315 points. Someone remind the traders to place the floor back under the Dow before it continues to fall.
Closing Bell: Down closes down 369 points. Nasdaq closed down 74 points with the S&P down almost 40 points. Curbs saved us from it getting extremely ugly. Hope you all bought some cheap scotch for the weekend.
Dow closed 4.1% down for the week with the S&P down 3.9% and the Nasdaq down 2.9% for the week.
Thursday, October 11, 2007
All Time Highs All Around
The Dow and S&P 500 have hit all time highs so far this morning. The NASDAQ has hit a new 6 and 3/4 year high as well.
My portfolio has currently run up over 120% as of 7 am EST.
Let the bulls run!