You can see the peak in early October (Oct 9 or so) - 1570s
Then on the Halloween Fed cut (Oct 31) you see a lower high - 1550s
Now (if and it is a big if) this "high" is even lower, than you have a bad trend - 1520s
Technicians will draw a line from the 3 peaks mentioned above and that is now the 'resistance', and a pattern of new lower highs could be developing. Still too early to tell but we'd want to see a move back to S&P 1530+ or so, to see this pattern broken
5 comments:
yep, disconcerting to say the least. it's hard to imagine what the catalyst would be for a quick rally here. the plunge protection team better think of something fast!
ben, is that you? why didn't you cut more aggressively today. Remember, you are Part of that team! all for 1, and 1 for all!
I expect you to burn the midnight oil tonight fudging those CPI and PPI numbers to make inflation disappear. Thanks for reading Mr Governor.
i wanted to cut more aggressively but i was tired of everybody making fun of my helicopter!
maybe if i started chewing cigars like volcker the market would respect me more.
and what's up with the jump on the next morning? 2.5% down and 2% up on the say day... that's a crazy market! Why don't you take a six months break and leave the markets alone!
ben, nice moves this morning to 'bail' out the markets. Of course these moves were worked on for weeks (or >month?) yet could not be announced yesterday. Have to trap shorts - thats the American way. Shorts are evil and stuff ;)
Ridiculous timing. Talk about lost credibility as an independent entity not meddling in equity markets.
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