Online Stock Trading | On the Brink; Stock Market on Edge

On the Brink; Stock Market on Edge


Filed Under Market Commentary |

Regardless of the action in the Stock Market on Friday, it was the weekend and what would take place that had the attention of Wall Street.  As of now BAC has effectively taken over MER for $29/share.  LEH will most likely file for bankruptcy in the morning and WM will let the FDIC take over its banking operations.  Is this the cataclismic event that has been needed?  It remains to be seen, but at this time the mortgage, housing crisis doesn’t want to end.  It will take the housing market to find a bottom, the job market will need to stabilize, and (most important) we start seeing beautiful chart setups.

At the moment too many are focused on trying to catch a bottom we’ll continue to these small “blips” or rallies off lows only to see stocks roll back over.  It’ll take a lot of work for stocks to begin looking great and leadership to emerge to take us into a new bull market.  You will continue to see carnage on Wall Street.  I will continue to watch this mess of a stock market sort itself out and will continue to watch for stocks setting up.

Enjoy the week.

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