Thursday, March 05, 2009

Stock Indices Get Pounded Down Over 4%



It was another ugly day in the market as all the major indices got hit with heavy selling taking the S&P, Dow and NASDAQ down over 4%. The industries that got hit the hardest today were the banks (BKX) down over 11%, Airlines (XAL) down 9,87% and the reits (DJR) down 7.03%.

Money moved into gold today as GLD rallied up over 3% bouncing off its 50 day moving average. Gold stocks (XAU) also did well today enjoying a 5.08% rally.

As the stock market moves lower I'm looking for signs of strength but so far all I see is a raging bear that is growing stronger while the bull is hibernating and no where to to be found.

2 comments:

Dave said...

I am seeing potential for a rally lasting a couple of weeks starting on or near Wednesday March 11th based on spiral calendar alignments and tides/gravity studies. Charts posted at http://spiraldates.com/?p=115

Kevin said...

Hi Dave,

Thanks for the link. I used to follow the spiral calendar methododlogy back in the 1990's when the book first came out. I couldn't really make much money using this method but have always been fascinated by the concept. Thanks again for the link.

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