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IBDvalueinvestin (99.67)

Market should rebound Monday

Recs

5

August 06, 2010 – Comments (3)

after today's bloodletting.

 

The economic calendar shows nothing for Monday August 9th. and items which are basically non market movers for Tuesday.

 

So a rebound on Monday is highly possible.

 

Tuesday : 

Aug 10 08:30 Productivity-Prel Q2
NA NA 2.8%
Aug 10 08:30 Unit Labor Costs Q2
NA NA -1.3%
Aug 10 10:00 Wholesale Inventories Jun
NA NA 0.5%
Aug 10 14:15 FOMC Rate Decision Aug 10
NA NA 0.2

 

 

 

3 Comments – Post Your Own

#1) On August 06, 2010 at 4:39 PM, simplemts (< 20) wrote:

Already rebounded at 3:00p.m., close only down between .2 and .4%.

I do agree with you on Monday though, no news = good news. 

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#2) On August 06, 2010 at 4:55 PM, stockdatamaster (83.78) wrote:

Bloodletting?

Even at the lowest point of the day, the S&P was only down about 17 points... big deal.

I'd hate to hear what adjective you'd use if we had a REAL down day. :P

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#3) On August 07, 2010 at 11:24 AM, cthomas1017 (89.17) wrote:

stockdatamaster,  You beat me to the punch.  We've become so spoiled with the irrational rise in stocks that a 2% down day is called a crash by the drive-by media.  There hasn't been any period in history when the market has gone up this far and fast without a 20% pullback.  It's as though a extremely minor blip yesterday somehow becomes a "bloodletting".  It sounds like someone sold some puts on 3x ETF's and panicked when the major move of a half percent didn't go their way.  That is the only "bloodletting" that happened yesterday from what I can tell.

It is said that a market is overpriced when there's more speculation than investment in daily volume.  I'm afraid we've reached that point.  I's hate to see the response of these people if we had a 40% correction over a month or two that has happened in the past.  I'm afraid they'd be jumping out of buildings if they viewed yesterday as a "bloodletting".  Ouch!

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