Another wild week in the markets, with a huge 'up' day on Tuesday, only to sell off most of the gains by Friday, which was also option expiration day. We are getting close to the August 16th lows, so we could start to see a turnaround this week. Not much else going on.
Some of the commodities got hit hard this week, with a big pullback in Gold from about $840 to around $790 (see previous post), and Oil dropping a bit too. The US Dollar finally stopped it's free fall for now.
Bonds still heading higher reflecting a flight to quality, and another cut in interest rates expected from the Fed.
News stories:
Subprime losses could reach $400 billion, analysts say
Dow falls 121 as fear slams financial stocks
Trouble brewing for Starbucks?
NYSE Chief Is Chosen to Lead Merrill Lynch
Stock Market, stocks this week, earnings week
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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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