2 Hours Till Close

Posted by Ray on October 23, 2008 under Main | Be the First to Comment

Given the volatility today we expect to see selling in the final hour of trading. We saw gains early in the day, but they have slowly evaporated. The negativity in the equities market is huge at the moment.

Asia was a precursor to the events of today and we still see an opportunity to test the markets lows reached on October 9th. If we reach those lows, but do not breach them, it is a positive sign. However, if these lows are breached and there is a close below them then we are in for a rough few days until the real bottom is found.

7882 on the Dow is the magic number. Weakness and volume are starting to build, but, of course, the final hour of trading will dictate everything. As of right now we suspect to see selling, but 2 hours is a long ways away.