Friday, October 30, 2009

Stocks Close The Week On Their Low



The stock market had a rough week with the S&P down 4.18% from last Friday's close and closing the month at a loss. In the above chart you'll notice the increase in volume. This is the largest weekly volume we've seen in 22 weeks. The major trendline which began last March was broken as well.

As you know I've been bearish on the market as of last week based on the weakness I was seeing in the banks, small caps and housing stocks. You can read that post by clicking here.

3 comments:

Anonymous said...

Where do you see some support on the S&P or more importantly what would you need to see to make you get started in a long position ?

Thanks
Mike

Anonymous said...

What are your thoughts on oil / energy from the most recent action and would you step up here long on them now or wait for ?

Thanks for your comments , great site .

MaxF said...

I'd be interested to hear your thoughts on oil and natural gas as well. UNG may be something to look out for next week.

Love your blog! Cheers, Max

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