Market’s Short Term Recovery Maybe Over
Source: http://feedproxy.google.com/~r/bullishbankers/~3/0VGoDQeX_WQ/Posted on Tuesday, March 17th, 2009 | In Financial, Market Commentary
The market’s temporary recovery may be just “temporary.” With the market closing positive for four consecutive days in a row it is not surprising that the market had a slightly down day. However, today was much more significant, not only do we have the possible start of a bearish candle stick reversal pattern, which would be confirmed with one more day of bearish trading, but more importantly we have this market weakness right as we near the 50% retracement mark from January and February’s highs as you can see in the first chart below. As you can observe from the second chart below, this pattern happened in the past and was followed by the market falling to its current bottom of around 666. I would consider these chart patterns very significant and expect the market to follow through to the downside and may even make a new low.
-Justin DiPietro
Disclaimer: May take bearish position using SPY option contracts
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Bullish Bankers is a financial market and economic community focused on delivering original opinion, analysis and headlines to readers on a daily basis. In an effort to form a lasting online presence, a collaboration of two separate blogs resulted in what you see here today. Moving forward, we aim to provide fresh insight into the financial markets with the launch of Bullish Bankers dot com. On June 10th 2008, founders Jim Regan and Santosh Sankar began discussing plans to create a new stock market and economic resource website to serve the public. After recruiting seven fellow finance students from The Smeal College of Business and The Pennsylvania State University, Bullish Bankers began to take shape with a solid foundation of financial knowledge and excitement. With a background in online entrepreneurship and design, Jim Regan designed the website and publishing platform from the ground up in order to effectively publish articles and updates to the blog. With an official launch in late July 2008, Santosh Sankar and Jim Regan act as the leading editors and oversee coverage across all 10 sectors that comprise the S&P 500. Together, they aim to provide consistent, quality information in order to help readers understand the state of the financial markets through educated and refreshing opinion. In addition, Jim and Santosh oversee the executive board of editors at Bullish Bankers dot com, which includes fellow students Charles Petredis, Ryan Savitz and Steve Murray. |
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