Archie,
I would agree that the market will drop in a.m. at least. I would not be surprised to see -100 in first hour, followed by a +200 close (recall Oct 20, 1987). On the other hand, it is very possible that we have not seen the bottom yet, although my guess is that we are closer to bottom than to top. No one can accurately call the bottom, but if you play the middle 2/3 then you are okay. In any event, we will probably see many sharp swings for the next few days at least. It might be a day traders dream come true!! I think that many people are actually relieved that the 'BIG HIT' finally occurred, and we can eventually get back to business based upon economic fundamentals, which are sound at least in North America, even if pricey. I was encouraged to read that trading today on NYSE, although hectic, was orderly rather than the mayhem that occurred 10 years ago.
Good trading,
Jim L. |
