Financial news I consider important, with my opinion, which is worth as much as you paid for it.
Thursday, October 29, 2009
Bear Market Started?
The S & P 500 and NASDAQ are indicating the Bear market has resumed. The Dow Jones Industrial Average has not yet broken the bull trend line. The US Dollar is rising, and Gold is falling.
So why haven't I put a very large bear picture on today's post? From a chartist perspective, the DJIA needs to confirm to call this the return of the Bear Market. Right now, this is just called "a correction".
Thursday is the US GDP number released, and we can easily see a sharp rebound based off of that number. I fully expect a bounce back between now and Monday. I covered many of my shorts today, looking to re-add to my shorts with SPX above 1060, possibly as high as 1100.
Below are the various charts of the market indicators.
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