I liked the action in the last hour of trading today. It felt like there was some level of capitulation just after 3:00 and we got a nice little bounce shortly thereafter. Still, now that we have this terror alert in New York buyers may very well wait until the weekend passes before stepping up.
Here are charts of the S&P 500, Nasdaq, Advanced Micro Devices (AMD), Amazon.com (AMZN), Fair Isaac Corp. (FIC), Brazil iShares (EWZ), Brazil Fund (BZF) -- (I may finally get to complete my swap into BZF), and Japan iShares (EWJ):
The market has falling so much so fast. Do you think it is a start of a big downtrend? I've heard that many of the elite are predicting a crash bigger than that of 1987 within the coming weeks.
I don't know. Prediction isn't my game. What I can say is that with the S&P and Dow already under their 200-day moving averages the long-term trend is already down. So nobody should be surprised if we keep dropping...
Just popping in to say hello.Mike makes a very good point! Leave the predictions to the Diana Warwick Hotline :-)I still wouldn't want to be holding stocks long though yet....