Friday, November 27, 2009

Stocks Turn Lower



Today stocks gapped down sharply across the board with one of the largest gaps we've seen in quite awhile. By the time the market closed, some of the indices were able to cut their losses in half.

The Dow, S&P and NASDAQ were all down today about 1.5% from yesterday's close but the small caps got hit the hardest down almost 3%. You'll recall on November 12th I pointed out the weakness in the small caps and as of today they are clearly the weakest of the major indices.

1 comment:

victorberry said...

Yes, the Russell 2000 looks extemely weak by all TA measures. Note however that IWM stopped right at the extended trendline drawn from the July low to the November low. Since I'm short IWM, I fully expect it to bounce and make new highs further draining my half-empty glass. If the stock market gods are listening, please let IWM drop to 52 and I promise to be happy with the paltry profits.

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