Online Stock Trading | No Worry; but Hope Remains Strong

No Worry; but Hope Remains Strong


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6:30am EST  Stocks slid on a flurry of news; stocks whipsawed and sold off in the final hour of trading.

Stocks showed a glimmer of hope yesterday with showing some GREEN.  It wasn’t until the final hour when big institutions operate that stocks began to slide back into distribution territory.  The day ended as a distribution day, but stocks did show signs that traders are more than willing to catch falling knives.

Many market participants are showing the emotion of “HOPE.”  What is happening here, the VIX so happens to be portraying this perfectly is traders are hoping for the FOMC to cut rates and that will spring stocks back into bull mode.   This does not signal a bottom, it may be signaling we are headed for a bounce.  However, we have not put in a significant bottom in this market just yet.

MER reports out this morning, it will be important to see if MER has anymore surprises regarding subprime mortgages.  If it does, look for GS and LEH to crack wide open.

Enjoy and happy trading

Market Speculator

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