02 March 2007

Doom And Gloom

Don't know what to say here other than it would seem we have further downside in the near future...it wouldn't surprise me if we get get a washout low come Monday morning, and that low could be much lower...say something like 1690 in the Naz futures or 1350 in the S&P...so traders getting the idea here as the last ten minutes end straight down. That should not bode well for the Asian and European markets as I'm sure some of this late selling is due to foreign traders getting short here just in case their markets squeeze lower come Monday. What you don't get here is the feeling that large shorts were covering...in fact this afternoons spike seemed to invite those not fully short to fatten their positions.
Tensions are going to be super high come Sunday night.
Done, exhausted and a little richer...jfg.

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