PM Update (3):
Big reversal as the DOW wipes out over 200 points in losses. If it can close above 12735, bulls will get control back. Watch NQ 1845 support. This could be a key reversal day. It's still too early to tell, but when the buying happens after the 2 PM turn, it is usually institutional. Financials and small cap futures are still up and that is normally bullish.
Both the Nasdaq and SPX have corrected 12% from highs, the DOW almost 11%. Keep the big picture in focus and turn off the TV.
Notable stocks in the green: TXN, MER, WMT, AXP, NSM. Old timers never stay short a day that has mother Merryl up (MER).
Big reversal as the DOW wipes out over 200 points in losses. If it can close above 12735, bulls will get control back. Watch NQ 1845 support. This could be a key reversal day. It's still too early to tell, but when the buying happens after the 2 PM turn, it is usually institutional. Financials and small cap futures are still up and that is normally bullish.
Both the Nasdaq and SPX have corrected 12% from highs, the DOW almost 11%. Keep the big picture in focus and turn off the TV.
Notable stocks in the green: TXN, MER, WMT, AXP, NSM. Old timers never stay short a day that has mother Merryl up (MER).
This entry was posted
on Thursday, August 16, 2007 at 8/16/2007 02:17:00 PM.
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8/16/07 3:39 PMDoesn't emerge as a capitulation patern as far as I am concerned... Interesting times anyway !!
8/16/07 4:23 PM
Traders who don't buy this kind of day will never be successful traders.
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