Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: Tim Bagwell who wrote (19400)	9/24/2003 4:58:27 PM
From: geode00	Respond to of 42834

Opec's trying to raise oil prices, that would put a bit of a crimp on the jobless economic recovery thing. de Porre on RM: "A Major Reversal 9/24/03 04:23 PM ET It's going to take a major effort for the bulls to find something positive about today's action. We sold off hard across the board, with the momentum favorites taking the brunt of the impact. Volume was heavy, breadth was very negative, and there was practically no bounce at all. We took out major technical support in most all the indices as well. This is the type of action that the bears have been hoping for, and it is finally kicking in at a time when we are supposed to be seasonally weak. The big question now is the same one we've been contemplating every time this market has sold off in recent months: Will the bears follow through? The one thing that is very different this time is that this meltdown follows very quickly on the heels of the selloff we had on Monday. Previously during this rally, a bounce following a selloff held up very well. The quick reversal of yesterday's bounce does not bode well. The chances of some downside momentum look fairly high now. Despite the gloomy action, the bulls are quick to put a positive spin on things by admitting that we needed a healthy pullback. The optimist bulls are thinking that if we sell off now, it will set us up for a strong run in November and December, which are traditionally strong months. We shall see, but first we have to let this weakness play out. A pullback in the Nasdaq to its 50-day simple moving average, which is at 1760, would not come as a huge surprise. We definitely have a good start on it after the action today. The bears may finally gain enough confidence to put some pressure on this market now. Have a good evening, and I'll see you tomorrow. "