Investing Adventures » S&P 500

Valid Rally or Short Covering?

Jorge — Thu, 08 Nov 2007 21:25:18 +0000

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.

20th Anniversary of Black Monday

Jorge — Fri, 19 Oct 2007 14:32:58 +0000

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.

All Time Highs All Around

Jorge — Thu, 11 Oct 2007 15:54:01 +0000

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!