Just before today's pit open the e-minis dropped as low as 1163. After opening at 1168 the market proceeded to rally on very high volume. I think this means we have seen the low of the day, and quite possibly a low that will hold for a much longer time than that.
In any case I think the market will soon bounce off the 1199 level, but I expect to be a buyer on any reaction from there.
2 comments:
If any strong buying comes into this market today you can be sure it will occur in the final hour. Everybody will be afraid as hell of the final hour today given the sell-off in that time period yesterday.
Carl, AIG is being priced in, it is hard to believe that the economy will not feel the effects of what will be the largest bankruptcy ever, Prices will go where they go... I just find it hard to believe markets are done pricing in risk
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