Watching 10,660
The area is green represents major support for the Dow Jones Industrial Average.
If it breaks below 10,660, it's party time, bears. Even I am surprised how flaccid this "bounce" is. YHOO reports after hours. That's bound to give us some fodder for either direction.
6 comments:
I thought Goog announced on the 20th?? several sources list this date.. It's been my experince that these two move simularly based on earnings reactions. We'll see if this can continue to hold true.
The strong action from around 2 PM today is pretty surprising. I think INTC had a lot to do with it, although all of the indices moved up in the same manner throughout the afternoon.
The S&P turnaround really was pretty amazing. But think about this: when the S&P can erase a 15-point decline in less than 2 hours with no real market-moving news, there's something seriously wrong with the trading action.
Maybe this is the "rally" that the bears have been waiting for. A nice 200-point rise this week could make for some nice shorting opportunities.
-Tony
bsi: any recommendations (longs)??
O&G services has been beaten up pretty badly the last couple of days. Some downgrades and the price of oil has really cut into their share prices, but their business is still pretty solid. I'd go long-term long on them if the overall market was in a better mood.
Interesting to see that GOOG was down today when the markets finished up.... I'm betting against GOogle.... and Amazon....
YHOO just reported earnings in-line. However, they lowered forward revenue estimates. They're down over 7% in after hours.
GOOG fell $11.00 in sympathy with YHOO's report.
If the market was counting on those earnings to boost the outlook, it could get ugly tomorrow.
All, this little misguide rally will go to about 10925ish - look at Tims graph where he dreww the green line suport area and you can see every time the market bounced the initial rally took it back up to this level as a minimum. Of course after hitting that level it either fell back again or continued climbing. My point is this - surely this is a dead cetain up bet, no fail?? It would also reconfirm what many have said here - the typical bear rally before decisively taking the trend lower through that nasty 10660/10700 support level.
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