I would never make a call giving a specific target on a specific date... ...oh what the hell (everyone's doing it)... 1279 on the spooz by 4/21/08
Not sure what you are referring to but my analysis goes as follows. We gapped down through supply when the ES reopened, we are retesting the Aug 16th low on lighter volume and we are just getting a low volume retest bounce higher to retest tof what is now resistance at 1385. Nothing special about it really? If we can punch through the lows 1374 during RTH on high volume then look out below.
SYDNEY (Thomson Financial) - Asian stock markets were lower Wednesday on talk the US Federal Reserve was holding an emergency meeting. "There's talk about a Fed meeting - that's what the futures people are telling us but then again it makes sense for them to wait for the December CPI figures out tonight," said Ric Klusman, head of institutional trading at Aequs Securities. There is a general belief that the US is heading for a recession, making action by the Fed necessary though it will unlikely improve sentiment, he said. "If you are unemployed, then an interest rate cut is not going to help much," said Klusman. The Fed might decide to cut interest rates ahead of its January 30 policy meeting in an attempt to calm nervous investors, he said. The Dow Jones industrial hit a nine-month low overnight on weakness in the financial sector due to concerns about heavy losses from the subprime mortgage crisis. Citigroup Inc shed 7.7 percent after the financial services giant reported a 9.83 billion US dollar fourth-quarter loss, which included 18.1 billion dollars in subprime-related writedowns. bruce.hextall@thomson.com bhx/jg COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution
Damn, short looks logical, but I don't want to short in front of a possible emergency rate cute, which last time, under Greenspan skyrocketed the market, as I recall. I guess I better fire up the News strike tomorrow and keep an open ear.
Bam, session lows in AH so far. I feel like this is Aug. 16th right now.... Can you imagine if there was an official announcement saying they won't cut until Jan. 30th. Would easily be a REAL crash....