Nah. The market is moving because the selling pressure is getting exhausted. We’re SO far out of statistical norms for how long selling pressure can remain on that those of us who look at market technical indicators are waiting for a pop-up rally - which will likely last no more than a week, maybe 7 to 8 trading days. At this time, there’s a bunch of shorts and options who want to cover and square off their positions.
Markets cannot move in a straight line up or down — there are always counter-trend moves.
The longer trend is going to continue down. There is no economic indication yet of any reason to stop the selling until we see real profits turn around...
Absolutely. The only hope anyone has of making anything is to play the upward spikes. don't get married to any stock in these times. You'll loose. The last time we say any overall upward movement was a week in November. That has vanished and a lot more since then. It's a shame, because there is actually a lot of good companies out there with good prices. There's just no bottom in sight though.
The lack of backfilling in this current leg down has been remarkable. I have never seen anything like this. Even today there is very little conviction or rally to fill the recent gaps down.
I agree with you. I was commenting on the idea that market reaction to Obama’s comments has any real importance beyond the close of the market today. In fact the Dow has retreated about 50 point since my post and I wouldn’t be surprised to see it close down, continuing the Obama anti-rally.