Thursday, May 20, 2010
Panicky Action
The futures took a nosedive like you rarely see except during panic periods. There is no telling how far we can go down today. But the fact that there was no reason for the huge selloff makes it even more scary. I think we are close to the point where buying will work, but the question is how far are we going down today? I think today feels like it could be the bottom.
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3 comments:
I wouldn't be a buyer till we reach the previous crash intra-day low @ 1056 on ES or 1065 on S&P cash.
Initial jobless claims got Europe jittery. The market was expecting 438K. The actual is 471K, so it was a negative surprise.
Owl, 1087-1990 was quite a strong support level for some time last year.
Do you think it still has any meaning now ?
Thanks.
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