On the Brink; Stock Market on Edge
Source: http://www.market-speculator.com/2008/09/14/on-the-brink-stock-market-on-edge/Posted on Sunday, September 14th, 2008 | In Market Commentary
Regardless of the action in the Stock Market on Friday, it was the weekend and what would take place that had the attention of Wall Street. As of now BAC has effectively taken over MER for $29/share. LEH will most likely file for bankruptcy in the morning and WM will let the FDIC take over its banking operations. Is this the cataclismic event that has been needed? It remains to be seen, but at this time the mortgage, housing crisis doesn’t want to end. It will take the housing market to find a bottom, the job market will need to stabilize, and (most important) we start seeing beautiful chart setups.
At the moment too many are focused on trying to catch a bottom we’ll continue to these small “blips” or rallies off lows only to see stocks roll back over. It’ll take a lot of work for stocks to begin looking great and leadership to emerge to take us into a new bull market. You will continue to see carnage on Wall Street. I will continue to watch this mess of a stock market sort itself out and will continue to watch for stocks setting up.
Enjoy the week.
Market Speculator
No Positions
Last 5 posts by Market Speculator
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 About Market Speculator (http://market-speculator.com)
Market Speculator began his market career shortly before 9/11/01. The methodology he uses comes from the greatest stock market traders of all time; Livermore, Darvas, O’Neil, Dryfus, etc. Decision making is based on price and volume while stock screening is done by growth in fundamentals. Much like William O’Neil’s CAN SLIM approach to investing Market Speculator focuses on a narrow amount of stocks and lives by cutting his losses early. |
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