Ok assuming Bernake does not do an emergency rate cut Sunday night. I imagine we are in for a pretty negative opening for Moday morning. Basically an extention of the selloff. Does anyone forsee a huge reversal from today. You can expect the mom/pop investor to freak out a little over GE's biggest drop since the 1987 crash. BTW I am short E-mini's over the weekend.
Markets are in a range, 3 hits at the top, 2 at the bottom, now momentum is heading towards another hit of the bottom. This range may be a large flag before a move lower. If they cut, or come up with some way to prop it up again it will likely be a before it contacts the previous bottom, to halt momentum, but it will still have to go lower than where it is now for them to do that. They have been throwing the kitchen sink at it, but they're running out of sinks to throw... If that bottom goes :eek:
PPT will re-inact the uptick shorting rule which will instantly be good for 500-750 points up. What else do they have left?
This is the big test. GE is a serious shoe to drop. If this market(INDU) does not resume a serious move towards 11000, to break 11000 ....will suprise me. I think the FED or some GOVERNMENTAL BODY will step in this weekend if not Monday.
Sounds to me the end of 'Free mkts' I would love to hear their rational for intervening once again. I guess I'm naive.
It is not free markets. It is their re-election endevours. Am I just too young or has congress/Government always been this stupid?
We need to see if we gap down hard Sunday night (Asian and then EU session) going into Monday a.m. If we are gap down going into the U.S. cash session open, we need to see if the gap fill can create a break up above the 1340 area - above this level could start some short covering which will need "good news" releases to make it up through the mid 1340 levels. Grind down with out a gap fill will cause a tough session for Monday imo - but news can change things, to accelerate moves as they are used as the "excuse" to back large financial positioning. Next week could be used to clear the decks and wash all the LONG's out - should be a good show as usual.
for this upcoming week...April 14-18...All these news events will SHAKE the market: *G-7 Meeting talking currencies *Oil poised to test 113.00-115.00 *Euro poised to test 1.59-1.60 *all these economic news releases this week...http://www.nasdaq.com/asp/econodayframe.asp?page=http://www.nasdaq.com/econoday/index.html *after GE follow through as Asia will tank Sunday night into monday USA time... *Massive earnings releases from: JNJ INTC WFC COF EBAY GOOG MER PFE USB JPM IBM HON XRX C CAT WB ...the ES breaking of 1350 and then 1340 was a huge level to break through...very huge Bear move...10 Yr note also poised to go higher...comments?...agree...?ES could be at 1290 by next Friday April 18th...