Friday, September 23, 2011

Market comments for Sept. 23, 2011: Another down day

The stock market is going to open in 1/2 hour. The Dow Futures are down another 110 points pointing to a lower open. As a reminder of where we are now, I have included 2 charts today. One is of the Dow and the other is for Germany's DAX index. I have placed an "X" on the Dax chart to where the market is currently as its market is open. The DAX is very close to the 5000 level. The German DAX is trending clearly down from the red lines I have drawn. Our Dow chart matched the recent low and I fully expect all our Indexes will go lower. We are in the second inning of a 9 inning game and more is to come to the downside. As I have stated before, this drop will not be straight down as there will be days up. So it will look more like a zig-zag pattern. I am pretty confident the market will close down today because no one wants to buy stocks today going into an uncertain weekend. Also, yesterday's volume was heavy at 300 Million traded on the Dow.

Here are the charts:

Labels: , , , ,


Post a Comment

<< Home

Technorati Profile