Dow struggling for 13K
Published on November 19, 2007
Dow struggling for 13K
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The DOW is down over 150points, all the gains that were triggered by one day rally on Nov 13 are almost gone. I have been mentioning over and over again and shall mention again, watch out 12,800 area. If it’s broken, welcome bears (for how long, I don’t know). Citi downgrade by Goldman triggered sell-off today. Markets need to find one reason or other to blame it, but the truth is, there hasn’t been a single great reason so far that could trigger a follow-through.
Just look at the intraday chart attached and see how tough the fight is between bulls and bears. Bulls are trying very hard to protect 13K territory. I am not trading this month (except few occasion for intra-days) so I don’t really care what happens. If it breaks lower, good, value will emerge to utilize cash. Chill Out!
Trade carefully, trade profitably, OP
Hello,
How do you see generally recent sell off. Do you think is it beginning of bear?
vlada
Dear Vlada, I try to interpret market action. If it closes below Aug 16th low, then Yes. I am not sure how long will that last, but yes I will be bullish for bears.