Friday Markets
June 7th 2008 00:55
The DJIA fell today almost 400 points and broke support at 12,269. The UrbanSurvival.com letter reports that Robin Landry thinks that the next support level is 10,986!
Then if we get through that, the 10,986 level, we could see all hell break loose and Bob Prechter could be right. We could be looking at a retest within a week or two of the 7,400 levels which came in as the 2002 lows.
Crudes record rise to $138 revives fears for the economy and mortgages and ultimately banks.
UPDATE:
While the DJIA might look sick and in danger of violating a key support level, Richard Russell, who writes The Dow Theory Letters noted:
...the Dow closed below its May low (May low was 12479.63), but the Transports refused by a wide margin to confirm -- Transports closed at 5250.26 while their May low was 5145.14. Non-confirmations are always important, particularly when nobody notices them. (my emphasis added)
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