The markets continued to sell off this week (see last week's post); more concerns about the sub-prime fallout (Citigroup reported another $11b write-down on top of the $5.9b previously announced). The short-term market direction got a little clearer this week: down! We are probably going to re-test the August 16th lows (caused by the original sub-prime news).
We also saw some of the large-cap tech stocks begin to fall this week, after Cisco announced their earnings. (GOOG dropped over $80, AAPL dropped over $25, RIMM dropped around $24, and BIDU dropped over $87). Consequently the Nasdaq 100 (QQQQ) saw a huge drop as well.
The US Dollar sank to fresh new lows again this week. This helped push Oil prices over $98 and Gold to a high of $845. Expect a pullback soon though!
News links:
Tech slump pushes Dow down 550 for week
More problems ahead for Citigroup
When Will the US Dollar Bottom?
Our biggest export: Inflation
Wall Street doesn't want you
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!
1 comment:
It’s good that Citigroup is taking bold action to reorganize itself. The NewsVisual article http://www.newsvisual.com/newsvisual/2007/11/robert-e-rubin.html on Citigroup gives one hope for a turnaround, since it shows that Robert Rubin, the interim leader, has experience in both the private and public sectors.
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