Just as we had expected, with futures down so much in the premarket and all the chatter on CNBC about curbs kicking in once the Dow hit 1100 down, that the Dow finished down only 300 points. It’s unbelievable how much hysteria those people create on the business networks.
With that said, it is becoming very intriguing in regards to the long candle tails that are forming on the S&P charts, where every time we get near the intraday lows, significant rallies occur. It also troubles me to think what will happen if the market can not hold those lows.
I’m am pretty confident in that we probably would have seen a potential +1000 day on the Dow, had the SEC still been banning the short sale of financial stocks.
Hope everyone has a good weekend, and for our subscribers, be on the lookout for the Weekly Summary
Here’s the Nasdaq and S&P charts…