Market summary for Oct. 26th: Validation of an earlier prediction
Well the data is in and Friday's prediction was correct. The Dow did drop to a lower level as predicted by the 2nd "W" pattern, as shown in the charts above. So, today we closed the Dow at 9867, breaking below the 9900 level. While it looks like the Dow may recover some tomorrow, it has started the correction. The only question is how low will this correction go. As I mentioned in the previous post, earnings are being announced as well as several key indicators. I believe Consumer Confidence is important this week but GDP and the Jobless Claims numbers will have the most effect on the market.
Labels: Dow, GDP, jobless claims, unemployment
posted by Charles Amico at 3:20 PM
1 Comments:
Hi, again, Charles, and (again) thanks for your continuing advice to the impecunious ! I managed to make some short-term profits on TZA in several ROTH IRA accounts, as well as one regular account - all in all, about 1100 shares. If the market rises again and TZA goes back into the 11's, I'll try again. My longer-term 1000 shares in my main account is still sitting there with an average buy around 24, and if there is a real rise I might take the chance and try to average it down somewhat. I would actually like the market to go up again until early November, around the 6th or so, when I'd be able to move my 401k into mostly non-volatile funds (bonds ?).
In other news, I hope Obama will say something today that impacts well on Beacon. There seems to be a bit of anticipatory zeal on display, now.
Warm regards,
jw
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