5.3 – 2009
Perhaps it´s time to re-consider this market as terminal breake for bears again. Some stocks starts to get real hammered and as one example is General Electric. With 4 days it sold down -40% which was real hammer from the marketplace – is this enough for world biggest company ?
It starts to sound a very mad, GE money is not a bank and very small part of their business.
Also, one exceptional stock does not much care about market selling is Amazon, it looks like would prefer to breake SMA200 line to the upside and with that MACD I cannot see much bears with it instead more upside impulses. Third one is Adobe, RSI-30 line seems to bottomed allready, at least now, so is Pfizer.
I see this market very danger now to estimate actual direction from here, have you ever seen the bear rally, if that one occures Eur-Usd can run in here even 600 pips and it´s the US dollar which dominates the market, only advice I can say is that follow it (Eur-Yen also).
The market was slightly positive yesterday, even it still looked very much as bear bounce and falled again during the last hours leading us pretty much nowwhere else than back to SPX710 which is not far away from ultimate new low (692). Financial and Banks stocks were still under pressure and ended day with big minus percentages.
And yes, when writing this for europen morning coffee, SPX futures are selling down back to 692…because General Motors informed they might get down if they don´t get more money told reuters. Interesting, because 692 is also pivot support. God Damn, Let it go down, it would approve that economy still works.