Steve
Market firming? Been away, just got your post, and I am NOT either a day trader or a very experienced technician, but it looks to me like the market (SP500) has turned up nicely at ~943 on a 15 minute chart at 11:30, although until and unless it gets over 945 and holds, it isn't too convincing; drillers are a very mixed bag; some got hit VERY hard today.
They could go down more, based a on a comparison with the January 1997 correction, which Thean has referred to. I have been comparing a bunch of them on a spreadsheet, and CDG, for example, went down 45% then, and is down ~20% now. This situation is different though, and could be more than just a healthy correction/pullback after big gains, IMHO, because of the worldwide economic dynamics unfolding; I don't know what external factors were affecting this sector back in January. |
