Thursday, Jul 24, 2008
Dow plummets more than 150 points as dour housing and employment reports
CNN: Wall Street tumbles on economic jitters
"Investors are concerned over the weaker economic data that's coming through Thursday," said Stone. "With more jobless claims, people can't pay their bills, which means more write-offs for companies."
Posted by mark @ 06:54 PM (201 views) Add Comment
4 Comments
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1. Pmoc_2001 said...
Yet the dollar was strong today?
2. jack c said...
11349.28 down -283.10 -2.43% A huge drop on the day !
3. techieman said...
Well it aint where we are its where we have come from. I must say that is what makes me smile about this site sometimes!!!
When the market goes against the general consensus there is tumbleweed, then as soon as a move in the "right" direction there is sure to be a posting. Yes it fell - in fact the S&P fell a bit less - 2.3% and thats a better indicator because of the breadth.
The fact is this is PROBABLY the bear trap part of the counter-trend move. S&P low was 1202, (16th July) 23rd July was 1291 (7.4% up from the low) and now we are back to 1254. Now 50% of that 7.4% upmove is around 1246 - so around here look for support.
Hopefully we then get a new upleg so that shorts can then be initiated (by me - im not going long again for the moment - I was right but a bit too eager as i misread how low the market would go to and it cost). By the way the current playing out is basically what Crash n burn and i said in a posting a few days back (when we were at the 1200 level). Ill try to find the posting.
4. techieman said...
http://www.housepricecrash.co.uk/newsblog/2008/07/blog-do-i-hear-15319.php
Crash n burn @ 9 and 15 mine at 56.