Market Soapbox 03/05/07
MON, broadbased down day, collapsing into the close DJIA -64 on average volume with ugly internals. All DOWN. Bonds down 10 yr 4.51, $ up vs 1.3094E & down vs 115.88Y, WTI crude down 2.7% $59.98, gold down $638.50.
Asian markets drubbed -4%, European markets clubbed down 1.5, DJIA down 75 early at 12,039 with more sub prime woes. SP500 broke through 1375, NDX 1715, TMWX 14,000 while the VIX surged to 19...
1375 was a major breakout point for the SP500 last year and should give some support. I suspect at least some kind of sideways "oversold" bounce before more downside plays out.
This is the 10% correction we have been looking for, but it's playing out way too fast. The RUT got porked for 2% today and is off 8.5% since last Monday.
Should DJIA break 12,000 support, the fall to retest SP500 1325 might be very rapid and very scary. Is anyone else having flashbacks to March 3rd, 2000?? I am...
Asian markets drubbed -4%, European markets clubbed down 1.5, DJIA down 75 early at 12,039 with more sub prime woes. SP500 broke through 1375, NDX 1715, TMWX 14,000 while the VIX surged to 19...
1375 was a major breakout point for the SP500 last year and should give some support. I suspect at least some kind of sideways "oversold" bounce before more downside plays out.
This is the 10% correction we have been looking for, but it's playing out way too fast. The RUT got porked for 2% today and is off 8.5% since last Monday.
Should DJIA break 12,000 support, the fall to retest SP500 1325 might be very rapid and very scary. Is anyone else having flashbacks to March 3rd, 2000?? I am...
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