Indices managed to close off their lows, but the danger signs are still in place. The little rally at the end was a combination of a technical bounce from oversold conditions, along with some short covering. AAPL, GOOG and RIMM had a bad day. Deep pullbacks on these stocks were not unexpected. I’m sure there are traders that did some buying thinking two down days is an “over-reaction” and it’s on to blue sky from here. Short attention spans or short memories add to an interesting market, and many traders are unable to see past the ends of their noses. We’re glad you are not one of those traders!
In the wrap-up tonight, we will look at where we are from a technical standpoint. We’ll discuss our open trades, as well.
1 Comments
November 8th, 2007 at 6:52 pm
yup Lisa , i agree ….
the indices , especially DJIA zoomed up to finish with a nominal -ve .