"The bears are in control into the Midday. The Economic data out this morning was worse than expected and the Banks have been dropping precipitously based largely on the President's comments over new banking rules. Now some might suggest that this is just profit taking -- and it could be. But there are too many fundamental uncertainties - like possibly new Government Rules on how banks take risk. So traders and investors alike need to turn to the technical analysis.
Right now the major indices are under pressure -- S&P's uptrend line from July is under siege and we'll want to see if the S&P closes below these critical levels. Right now we have huge volume and volatility has spiked across the board. While there could be a little retracement off the lows, this is just a possible rest for the bears to pounce and really sink their teeth into this market.
Now is not the time to go in and buy insurance as we have discussed over the last Corners, it is too expensive, you need to have your capital preservation plan in place. At this stage there are too many questions, especially with the Banks, so be measured and trade what you know. There is nothing that is safe in this environment -- be disciplined. See you After Hours. "
发表于 2010-1-15 18:29
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