Brutal month. Seems every other day the Dow's been down 100+ points. Is this the end of days? How long will the pain last? Anyone adding to positions?
Yes, this is the end of the bull unless it bounces on the long term trendlines for the dow, nasdaq, spy - which may not happen because many of the major sectors like small caps, hotels, banks, etc have already broken their longterm trendines.
The next stop for $comp is 2000 (because it is below 2375). If it can go above 2375 than there is a possible hope. Otherwise most of the major indexes had the 50/200 bearish cross this week. the $NDX weekly shows the next 6 year support lline at 1700 (it is at 1849 now). The Dow $INDU is at 12154 and has the 7 year weekly support at about 11700. The $SPX SP500 is at 1325 but has some support at about 1280. Please look at the video on SPY that was provided by one of our members on the SPY board.
Most of the major sectors have dropped below their long term supports. Do some research on the various weekly charts for We are dropping into a bear market and even the stocks with great technicals and fundamentals will get shorted. Be careful.
Sorry that I can not post the weekly charts because they are someone elses. I just don't want to see any of you lose any more money (I have already lost alot).
Its not looking good.... looks like we are heading toward super stagflation.
OUCHIES for any holding long.
I see many stocks on my watch list down 10-15-20% this morning...started yesterday in foreign markets on fear of a recession.
Good for some of my short positions but I may be getting out of the market altogether...mostly cash now anyway.
Opinions?
Yes, I agree we are in a BEAR MARKET in 2008.
However, for today we hit a short term low. I show long term support for the dow at 11,750, the Nasdaq at 2200. I don't know how long or where it will bounce but long term I think we are going down....