The Selling Continues In The Stock Market
The stock market got hit again today with another wave of selling as money continues to leave in a big way. The Dow was down over 500 points but it was the NASDAQ that got hit the hardest down over 6%.
If you look at the above weekly chart of the Q's you'll notice that the market is gaining downward momentum over the last few weeks. The NASDAQ is approaching a minor support level from 2004 but it's going to take some work for this market to turn around. As of now I have no position in the stock market but am patiently waiting for a nice rally to short into.
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3 comments:
SPX getting to the 200MA on the monthly chart... I think 991 or 988 you get a pretty violent reversal... Nas composite is also there (slightly through)... Last time the nas was at this average was 10/31/2002... Check it out and let me know your thoughts... I am also bearish long term but I think we are almost done going down short term... Would not be surprised to see a sell off in the morning followed by one of the most explosive rallies we've seen in a while... That said, we break those levels to the downside and stay there, look out below!!!
I see what you are saying but I think we will come down to 950 tomorrow morning then the market will rally back up to close at its midpoint. Thursday will be the explosion to the upside.
I know that we are in a bear market and that this is ordinary but Mr bernkake yesterday gave investors another strong reason to panic. i didnt expect someone in such a sensitive position to say words in such a time
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