Intra-Day Thoughts: The Markets Are Going To Have To Try Harder Than This...
...if they hope to regain their uptrend. With the DJIA up a measly 60 points (off from its intra-day high of 13,211), its clear to see that this bounce may be a bit harder than it seems. Credit worries are continuing to mount. Rising oil prices are not helping either. Even the Feds multi-billion dollar injection of funds into the economy has done little to ease investors and traders fears. Of course, it is still too early in the day to know where the market will close. Anything is possible. All I'm saying is that I'm still not impressed with the market bounce...yet.
posted by Nick M. @ 12:49 PM
2 Comments:
A bounce is due - if not today, then soon. Six out of the last 7 days have been down. The market has to be somewhat oversold, as evidenced by the decreasing volume the past couple of days. Look out below if the bounce fails...
Rocoach,
I agree, a bounce is bound to happen. Yesterdays close was a good one but the DJIA still needs to show strength above the 200 day MA. The NASDAQ has already bounced off the 200 day MA and is showing support at that level. Market tops (if this is truly one)usually drag on for weeks and months before the markets really crack down hard.
Post a Comment
Subscribe to Post Comments [Atom]
<< Home