Stock Market Analysis – 08-12-2008
August 12, 2008 at 11:31 pm · Filed Under Broader Market
Sorry for the lack of posts over the past few days. I was out of town, but I’m back now and it looks like things haven’t changed. The market has been continuing its volatility, inching higher as crude continues to drop. The financial sector continues to be weak, causing the tumble today. I’m still expecting a drop out of this upward channel that’s formed over the past month, but breaking the 128-130 level shows some continued resilience. Keep in mind that we had a drop without pause from May to July though, and rethink any ideas you have that this is anything more than an upwards correction.
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The Dollar Rally has ended; the S&P will be turning lower now.