My gut instinct says we break four digits on the DJI tomorrow, but the impact is more muted on the broader market. Nasdeq is a wild card- damage there has been a bit rougher than I expected.
The market seems to be looking for bad news in every nook and cranny, as opposed to days gone by where the silver lining was the focus.
So I think things get worse before they get better, but for people looking to deploy cash, more bargains are showing up. My Yahoo portfolio for this month broke to red today. Ahh well, tomorrow brings another batch of earnings to digest.
BTW- that list of indexes was meant to be a complete list, not those currently of my primary interest. I felt if I excluded an index, that I might overlook a future opportunity. As I finished the list, I was less than satisfied- as major portions of the market don't appear to be represented.
What I usually do is form a basket of stocks representing my view of a 'sector'. I then follow that basket as I learn about the companies and their trading characteristics. This is slow in that it's limited to my learning ability, and I may be focusing on the wrong sector.
So what I need to do is get a more automated scan, like what Haim is trying to do on RSI, but against a set of stock baskets representing various sectors as I define them. Then the computer can tell me which sector to focus on for company selection and analysis.
This worked much better a year or two ago, when cycles were measured in days and not hours.
Thanks for your efforts, but don't get carried away. |
