This market is going to be even more event driven getting whipsawed back and forth over the next few months.
I think COMP can test COMP 1,520 intraday low over the next two months. However, **If** another exogenous shock hits, ie gov't gold manipulation hits the daily airwaves, another terrorist attack or something to that extent that takes consumer confidence to even lower depths.... then we possibly can take out COMP 1,423 lows on September 21 and get down to COMP 1,330 intraday low before reversing.
DOW, I think we can pull back down to DOW 8,680 intraday low before reversing. Again, if exogenous shock hits, DOW 7,920 intraday low before reversal.
Both exogenous intraday low scenarios are low probability events. But they are not impossible events and therefore can never be ruled out.
For the archives, COMP closed @ COMP 1,745.73. DOW closed @ DOW 9,323.54.
Best Regards, J.T. |
