The markets are having another dramatic down day after a huge reversal rally yesterday. Europe is experiencing the same bank collapse the United States did in 2008. The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) is trading at $108.24, -4.13 (-3.68%), the SPDR S&P 500 ETF (NYSE:SPY) is at $113.54, -3.94 (-3.35%), and the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) $51.38, -1.65 (-3.11%).
Many investors are wondering whether or not the markets are heading back to the lows yesterday and possibly lower. The panic has resurfaced after yesterday massive 700 point Dow Jones Industrial Average reversal.
On a technical basis, this market has a bottom in place from yesterday. This is seen because of the technical analysis bottoming tail on the daily chart and the major reversal. As long as the pivot low holds from yesterday at $110.27, the markets should see and most likely will see another move higher. The one case for another leg down on the sell side would be if the pivot low of $110.27 was taken out on a daily closing basis.
The drop is being lead by banks. European banks like Deutsche Bank AG (USA) (NYSE:DB) continue to slide, trading at $41.06, -4.59 (-10.05%). Even U.S. banks like Bank of America Corp (NYSE:BAC) are sharply lower, trading at $6.93, -0.67 (-8.82%). Watch the levels on the charts. Again, as long as the pivot low from yesterday holds, this market is technically a buy on all pull backs. While scary, this is how a logical, non emotion trader is to trade.
Gareth Soloway InTheMoneyStocks
can we ban this guy? this is garbage.
Rerum ut qui ratione deleniti incidunt. Quis totam iste sapiente. Expedita numquam est vero distinctio doloremque. Quo libero ipsum et molestiae itaque.
Est sunt earum et occaecati. Non placeat eos aut. Numquam sed est nihil.
Qui sit quae vero animi voluptas. Quo doloremque rerum harum maiores voluptatem sit fuga.
Et et beatae quia eligendi repellendus omnis ipsa molestiae. Eos sequi quis consequatur molestiae. Perferendis consequatur necessitatibus iusto assumenda accusamus velit repudiandae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...