Squalebear,
Correct me if I am wrong, but judging by the time you posted this message, I am assuming that you and I have beeen watching the interesting interviews on CNBC's European Power Lunch.
I would like anyone else who might want to do so to opine as to the potential short-term bounce. In fact, I want to be corrected if I misinterpreted the information.
James, I am thinking of you also because you have made excellent analyses in your P&F Chart thread. Linking your thoughts to todays events, we might be looking at further confirmation of the development of the possible bounce.
Right now, I am fully committed 100% between the C and S funds, as many others in this board are. The temptation to go to cash (G fund) has been great. However, I am trying to recover some of my losses if a bounce is to occur. Although there are no guarantees of a bounce happening, I will be losing more money yet, if this fails. In this case dollar cost averaging (purchasing more shares) would seem to be the solution with the expectation of rising prices eventually.
This morning, a technical analyst on CNBC stated his opinion that we are about to get a short-term bounce, but that he expects to see the markets drop again around the 22nd of October. Two other female analyst considered the global events in Italy, Europe, the U.S., and Asia. Central bankers and financial authorities are decidedly bent on not allowing any more bank failures, and apparently this
"baby step", is a good start before the investors regain confidence in the markets. The analysts opined that they expect a bounce in these extremely oversold markets. But
they expect another drop when the reality of lower earnings expectations sets in and investors understand that slower economic growth will linger for some time to come. However, their analysis is consistent with the technical analysis of the first guest that was interviewed on CNBC. In addition, all of this supports James technical analysis of the SPX P&F Chart, regarding the "TARGET MET", as well as the behavior of the SPX successfully testing the 970 level. Furthermore, Wall Street apparently likes the actions taken to stabilize the financial markets, and cash futures remain persuasively positive.
Pardon me for extending myself here. I guess I have relieved some of the tension I have built up. Best wishes to all!
London shares regain some bounce !
FTSE 100 index up 2.4%; Miners, financials retake some lost ground.
U.S. may take ownership stake in banks: NYT
U.S. stock futures point to strong opening
U.S. stock futures point to strong opening
Latest reported idea is for government to directly buy bank stakes.
U.K. Sept. house prices off 12.4% on year
British house prices continued to fall in September
