On the mark the week started with good news, was moderately up at opening, and built to a high of 10,368, just at our first support line, before falling back to 10,199 on the theoretical Dows of 10,199, as FEAR began building again on Greek debt. The market continued to move downward and by 3.40 p.m was in the negatives. The whipsaw continues.
100 points now seems "nothing" in the movement of the day. With the market drop our bell curve count, using a 10 axis, becomes almost a suspended time piece, hovering back and forth against magnets.
No chart will prove now if the market will go up or down. No one really predicts. I personally see more upside, near or under 10,470, before another consolidation deeper than we've seen.
And at the same time I see that there may be no need for another 12.4% type correction as we've seen in the past 42 days, and the market will continue a slow uphill for the short term.
We saw a true bull/bear fight on "nickles" in the final 30 minutes of trading, either a last gasp for a bull, or a bear?
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For your enjoyment, a break from the talking heads, and instead words from George Soros, a billionaire investor:
"The collapse of the financial system is real, and the crisis is far from over. We have just entered Act II of the drama"
For your enjoyment in facing reality:
TALKING BUSINESS: Waking Up From the American Dream
Despite the financial crisis, few are willing to address a key factor behind it: the concept of homeownership for all.
http://nyti.ms/b1gQqy
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The Dow Industrials fell 12.4% in just 42 days.
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