dow theory bullshit
Feb. 20th, 2009 08:18 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
solarbirdNot that it means anything, but this open followed by this climb pattern is usually followed by a slow rise day, and not by the re-collapse going on right now. The trading floors are full of anger and fear, and in those rare occasions when you get panics, this is the kind of setting for them.
I'm not calling a panic. I'm just saying this is where you get them.
The DJIA and S&P500 just broke south of the first-hour low. I have this nervous fear that we bounce right here, right now, or we don't - but that's pure emotionalism talking, but I'm also reacting to street emotionalism that I'm seeing in the numbers, so. But if we don't, the resulting drop really would take us through November trading lows (only the Dow is through those now - the NASDAQ and S&P500 are still nontrivially above them) and then there's nothing to support the market in trading terms for a long, long way down.
More later.
I'm not calling a panic. I'm just saying this is where you get them.
The DJIA and S&P500 just broke south of the first-hour low. I have this nervous fear that we bounce right here, right now, or we don't - but that's pure emotionalism talking, but I'm also reacting to street emotionalism that I'm seeing in the numbers, so. But if we don't, the resulting drop really would take us through November trading lows (only the Dow is through those now - the NASDAQ and S&P500 are still nontrivially above them) and then there's nothing to support the market in trading terms for a long, long way down.
More later.
