I have until WEdnesady, time wise, to declare troubles, price wise, I am a little unhappy we went under 1960, but on the other hand, we have not had a NYSE tic of -1120 for a long time, even during the decline last year, the NYSE tic held and barely went under 1000 once or twice. This has long range implication. The most important is that the NYSE which has held relatively well will now enter its own bear phase (and the Dow, of course as I mentioned before). It also means that we have to consider bounces as bear rallies, maybe until we get an October massacre (we have not had one of those for few years now <g>). Short term, however, such an extreme reading is actually good news, we are going to get a bounce and a relatively solid one. Tomorrow after a first gush down could very well be it, we'll have to see.
Zeev
Zeev |
