jmofield (< 20)

Short term Market Correction is here! Act Now!

June 09, 2008 – Comments (1) | RELATED TICKERS: QID , MZZ , SDS

In my May 22, 2008 blog entry I stated that I thought the market would top out on Monday, June 2, 2008.  The Dow actually hit a intra day high of 12,760.21 on Thursday, May 30, 2008.  On Monday, June 2, 2008 it's intra day high was only 12,645.40.   Today, the Dow closed at 12,280.32 a drop of 365.08 from its intraday high on Monday, June 2, 2008.   The 365.08 drop represents a decline of 2.89%. 

The Nasdaq actually hit a intra day high of 2530.16 on Friday, May 30, 2008.  On Monday, June 2, 2008 it's intraday high was 2516.37. Thursday, June 5, 2008 actually being the highest intraday high of 2,549.94.   On Monday, June 9, 2008 the Nasdaq closed at 2,459.46, a decline of 90.48 of 3.5%. 

The S&P 500 hit a intraday high of 1,406.32 on Thursday, May 29, 2008.  On Monday, June 2, 2008 the intraday high was 1,399.62.  Today the S&P 500 closed at 1,361.76.  A decline of 37.86 or 2.7% decline from its intraday high on Monday, June 2, 2008. 

In my May, 22, 2008 blog entry I said I thought the markets would drop 5-8% in June.  While we have already seen some market weakness in June the market declines are just beginning. 

For game playing purposes, buy Proshare Ultra Short ETF's or short Proshare Ultra Long ETF's. You can go back to my blog entries in May and April if you need the symbols. Also, you can visit www.proshares.com to find out more about these ETF's.  I am providing their website so you can do your own research.  Always seek the advice of a investment professional before you make any investment decisions. 

As I have indicated in the past, I use Vector Vest to assist me in evaluating individual securities based on screening techniques I have developed.