Market May Be In Big Trouble
October 2nd 2008 18:09
Let me tell you right now, it does not matter to the market, if this Bailout bill passes or not.
The market went down 777 points on Tuesday after the House failed to pass the bill. Then the next day, the DJIA went up almost 500 points, when it looked like the Senate would pass something. After a nothing day in the markets yesterday, investors waited until Wednesday evening for Senate passage of the bill filled with sweeteners, it appears the House will probably pass the 451 page bill by this weekend. However, the market is not celebrating but is down BIG this morning.
The DJIA is currently down 300 (see chart) , but the Transports (DJTA) are having a bad day down almost 400 points and for the week down over 12%! (see chart) The low to watch is the closing low of 2006, 4134.72. If that low is broken, this whole market is in big trouble
The market went down 777 points on Tuesday after the House failed to pass the bill. Then the next day, the DJIA went up almost 500 points, when it looked like the Senate would pass something. After a nothing day in the markets yesterday, investors waited until Wednesday evening for Senate passage of the bill filled with sweeteners, it appears the House will probably pass the 451 page bill by this weekend. However, the market is not celebrating but is down BIG this morning.
The DJIA is currently down 300 (see chart) , but the Transports (DJTA) are having a bad day down almost 400 points and for the week down over 12%! (see chart) The low to watch is the closing low of 2006, 4134.72. If that low is broken, this whole market is in big trouble
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