Markets Looking Ugly! It’s the Economy Stupid January 28, 2010
Posted by Marlowe Cassetti in NVDA.trackback
The stock market resumed its slide Thursday as disappointing forecasts from technology companies brought new concerns about the economy.
A weaker outlook from technology maker Qualcomm Inc. dragged the Nasdaq composite index lower. Drops in Motorola Inc. and Apple Inc. also hurt tech stocks. The Dow Jones industrial average fell almost 116 points, its sixth loss in nine days.
The recent drop in stocks is worrisome for some analysts because Friday is the last trading day of January. Traders often note that as goes January, so goes the year. The so-called January barometer holds that the performance of the S&P 500 index in January is a predictor of how stocks will end the year. There have been only five major errors since 1950, for an accuracy rate of 91.5 percent, according to the Stock Trader’s Almanac
Technology could get a bounce Friday from Amazon.com Inc. and Microsoft Corp., which posted improved earnings after the closing bell. Their stocks rose in after-hours electronic trading. (commentary & photo courtesy of AP)
The markets are sure looking ugly and the economy is looking even uglier. Yes, Obama has woken up to the fact that the economy and jobs are the key issue facing the US. Wasn’t it Bill Clinton’s 1992 presidential campaign slogan of “It’s the economy stupid”? As we go forward there must be a light at the end of the tunnel. Will things get better this year or will we have to wait until 2011? Remember times of great distress and financial uncertainty are often great opportunities for profit.
Do you recall the story of my friend Jack and RSI’s pick of NVDA? Anyway, NVDA hit its stop loss sell level today and was sold. I had a small position in NVDA. I need to chat with Jack and find out if he is honoring the sell stop I suggested.
In the last 15 trading days NVDA has been on a relentless downhill run. With a -3.35% loss today it is time to get out.
No RSI picks tonight. Catch you tomorrow.
Comments»
No comments yet — be the first.