Today’s action was somewhat reflective of investors being "in shock" from yesterday’s large loss in all major indices. Oil has increased yet again, hitting a new high intra day, gold is heading back up as well, and the US dollar is well, not good again as it is losing more value against other currencies.
The financial sector continues to be beaten down as investors are coming to the realization that future profits from these institutions are all but evaporated for many years to come. Financial institutions that have been somewhat immune from the selling recently have now succumb to the lack of confidence of their investors and are bailing. For example, today JP Morgan (JPM) reached a signifiacnt technical level which indicates that their stock price is now in trouble in the longer term. The markets remain very weak and there is a lot of chart analysis that we will be performing this weekend.
Tonight’s wrap up will be short for the reason that I want to look over more charts and do some economic trend analysis. Additionally, I am working on the new web site now as our new content management software has been installed on the server and I am beginning the process of setting it up.
Will be a very busy weekend here at Rebel HQ, but please check in over the weekend for more updates on today’s market action, as well as our thought for what is coming next week. You won’t want to miss it.
More to come over the weekend..
