Stock Market Analysis – 10-22-2008
October 22, 2008 at 9:33 pm · Filed Under Broader Market
A massive late day sell-off made a bad day worse. Or I guess I should say "down" instead of "bad" since it may have been quite good if you’re still bearish. Most earnings coming out haven’t been too bad for the past quarter, but the forecasts for the next quarter have been generally worse than expected. The range still seems to be narrowing, so I wouldn’t be surprised to see another strong bounce soon. Eventually we’ll break out of this triangle, probably on the downside though, so I would be more inclined to short at the top of the pattern rather than going long at the bottom. On the plus side, maybe we’ll have some really good Black Friday sales this year.
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