Posts filed under “Markets”
I spoke with TheStreet.com’s Liz Rappaport yesterday about the markets; she very much captured my perspective:
"The bounce [from the June lows] has run out of steam," says
RealMoney.com contributor Barry Ritholtz, chief market strategist of
Ritholtz Research and Analytics and president of Ritholtz Capital Partners, a
New York-based hedge fund.
After losing 7.6% from its peak on May 9, the S&P 500 had bounced back 5%
through the end of last week from its June 13 low of 1223.69. Ritholtz believes
that bounce has run its course and a retest of the major indicies’ June 13 lows
may now be in order. The S&P and the Dow are still up 2.8% from their
respective June lows while the Nasdaq is only up 0.85% from its June lows.
A successful retest of those levels — of about 10,706 for the Dow, 1224 for
the S&P and 2072.50 for the Comp — is the most likely scenario, but is
certainly not guaranteed. A hint of a more serious decline (and bear market)
could be seen Wednesday as many exchange traded funds and indices broke through
their 200-day moving averages."
Note that the Nazz JUNE 13 intraday low of 2067 is about where we are this moment.
If there is going to be a bounce in the QQQQs, this would be where it should happen from . . .
UPDATE: July 13, 2006 2:24 pm
Glad to see that Dick Arms TRIN index see sthe same thing
7/13/2006 2:21 PM EDT
I think they have overdone the selling on the news out of Israel, and I am in the process of contacting my more aggressive institutions and telling them to do some buying. Based on my index, the TRIN, I am suggesting going against the crowd. I’ll have more specifics in my column Friday morning.
Bounce Takes a Header
TheStreet.com, 7/12/2006 6:06 PM EDT