June 9, 2008
Not surprising to see oil down on the day after the day it had last Friday, however, investors weren’t about to jump on board with the market today. Instead we saw a lot of sideways action as the markets finished mixed. Friday’s sell-off has caused investors to put their capital on the sidelines, as they wait for greener pastures.
The technical outlook is a mess at this point, especially so for the Dow and S&P. The selling in the NASDAQ leads us to believe that investors do not trust the recent strength seen in the index as a reason to hold on any longer.
Here’s the NASDAQ and S&P Charts…