We got some action this week! On the 20 year anniversary of the 1987 crash, we finally broke down with the DOW falling 366 points on Friday. Guess the market didn't like some of the earnings reports this week -more to come next week. Credit problems are still lingering, with the bank stocks reflecting that this week (BAC, C, WM, etc.) See also: 3 Largest Banks Team on Rescue Fund
By the way, for you chart readers out there, nice double top on the S&P 500 at 1580 (see Oct 6th comment). I wouldn't be surprised to see the market keep heading down, with the next target being the August 16th low of around 1380 -watch out below!
GOOG hit $658 this week -now the 10th largest company in the US!
Oil touched $90 per barrel. Bonds are moving back up too (safe haven?) Looks like traders are predicting another rate cut from the Fed this month.
The US Dollar continues to weaken, hitting all time lows this week. The G7 meeting is in progress this weekend too -don't be surprised to see some action in the currency markets next week as a result.
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- 123Trader
- I've been trading stocks on-line since 1993. I started off like most people knowing very little about the market, but I have since traded Stocks, ETFs, Options, Forex, Futures and Commodities. I now mostly trade Options. I primarily use charts to analyze price movements, but I avoid using a lot of technical indicators. My primary indicators are Trendlines, Support & Resistance, and sometimes MACD extremes and Volume. I may hold positions anywhere from a few days to weeks, or months, as long as the trade continues in the right direction. Happy trading to all!
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