For that to happen on Friday is a bullish signal.
Jim, considering how battered and bruised the bears have been this year, who do you think is more concerned about being whipsawed over a weekend, bulls or bears? 400 Dow points down in 4 days is likely, IMO, to lead to a little short covering/oversold bounce, but I'd hardly say that bounce signals that the decline is over. Besides, the June closing low was made on a 200 or so point down Monday, after an apparent reversal on Friday. Interestingly, the June high close was made one week earlier, also after a strong Friday rally.
I respectfully submit that, for that to happen on a Friday is a bullish signal... for that Friday. Beyond that, BTHOOM.
Bob
PS: Why is NB in the "Magic Ten"? (Is that your list or did someone else make it up?) I know NB is at a historically high PE, but so are all banks. Also, it was a serious laggard last fall due to arb selling after the Barnett deal was announced. Hugh McColl has many talents, but magic? |
