The Stock Traders Alamanc has two warnings for us right now: "End of February Miserable in Recent Years" and "Dow Down 9 of Last 12" for the coming week.
And right now, that sure seems to be the way it's shaping up. The futures are all down by more than I've seen in a while. The ES and NQ are both down over one and a quarter percent right now (1:20 AM EST), a very significant drop. The last time they were this bad was on January 28th, the day we took a 160 point dump in the Dow. And we have extra guidance from the futures since they've been trading for one day longer than usual with the markets being closed for a holiday. They were also down in yesterday's trading.
And with renewed unrest in the Middle East, this time Libya, things are not looking good for tomorrow morning. However, until we see a new trend develop in the Dow, the "X" trend end symbol stays in place. But I am definitely reaching for my short hat.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment
Due to some people who just won't honor my request not to post spam on my blog, I have had to re-enable comment moderation. Comments may take up to 24 hour to appear, depending on when they're made. Sorry about that.