Markets Can’t Catch a Breakby Green Writer on November 20th, 2008 at 4:04 pm |
(1 votes, average: 5 out of 5)
Loading ...Well that was a bad close. Everyone was hoping to hold the 776 S&P / Dow 7800 level.
We now have to go back to 1996 to find any type of support…how strong is it ? I’m betting this is where we will find our oversold short term rally.
That support for the S&P is 725-740. For the Dow it is 7200 - 7300….
As usual I could be wrong, but tomorrow I expect to see a huge gap down with a potential reversal.
Look for the above numbers as potential trade entries.
Remember not to be doom and gloom here, but real support is 650 S&P and 5500 DOW….
With Pelosi news on not enough votes for the auto bailout it may get very scary tomorrow.
Interesting close on Baidu.com, Inc. (ADR) [[BIDU]] maybe it was already blown up the past few days…normally I’d expect to see a 15-25 point hair cut on a day like today.
GLT
