Crash Scenario in Place
The stock market is currently collapsing after the S&P 500 closed below its 200 day moving average yesterday. The Dow is on track for its 9th straight down day; the first time since 1978.
Previously, the S&P 500 approached the breakeven mark for the year in March and June. Both times marked a bottom and the market recovered significantly. This 3rd time may be the charm for the bears to overwhelm the bulls.
There will be a rally at some point. The problem is that it may be from much lower levels.
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Berry McCaulkiner
August 3, 2011 at 7:19 pm
I’m betting on a rally sooner rather than later. The usual suspects have emerged with their doom and gloom prognostications.
Barron Maestro
August 3, 2011 at 9:45 pm
Yeah, Cramer cracks me up. On Thursday he gave the viewers of Mad Money the all-clear for buying 1/2 positions on Friday, with more later if the market fell further.
Today when the Dow was down 150 he said he could see no reason to buy stocks now!