Surely you didn't think that short term swings in the market had anything to do with reality! On a short intraday time scale we know that the most common reason the market goes up is because it's gone down, and likewise the most common reason it goes down is because it's gone up. If you look at the monthly chart of the S&P, however, there will be no doubt about which direction the market is currently headed. (You will be pleased to find that it is headed in exactly the direction you are expecting it to go given today's horrible employment numbers.) "Real life is not like college, it's like high school." [unknown source]
"You are leaving college now, and going out into real life. And you have to realize that real life is not like college. Real life is like high school." Meryl Streep speech to the graduating class of Vassar College.
I think we head to new lows before some kind of rally is in place, that means another revisit to 7500 on the dow.
Anybody surprised he is very bearish... Next time don't even say anything, just post your intials in a thread of your choice and we'll know what it means.
The whisper number was over 500,000, and in fact they were talking about that number last night on CNBC. The number has a dual effect. It will scare people and possibly create more panic selling. Quite understandable. However, it also makes a very strong case for very rapid, and unprecedented Federal government spending that will undoubtedly help turnaround the the direction of the numbers. It may be equivalent to the massive deficit spending, during World War II, that preceded a very strong Bull market in the 1940s. So, everyone is digesting the news. I imagine those institutions with lots of cash on the side, continue to accumulate on every dip (as do I). Others, who may have had enough are selling. Most of the action is probably daytraders and swing teaders trading against each other, since I do not see any clear indication of accumulation or distribution at this level, though it slightly favors accumulation. Should massive government spending begin immediately in Janary, there will probably be lots of buying preceding it.