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inthemoneystock (< 20)

The Only Chart That Holds Water

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October 26, 2011 – Comments (2) | RELATED TICKERS: MFGLQ.DL , JPM , XLF

Traders can easily see how quickly this rally ended as soon as the U.S. Dollar Index(DXY) took off to the upside. The news out of Europe is being released fast and furious, however, traders should simply keep their eye on the U.S. Dollar Index chart. The leading financial stocks are still positive on the trading session, while J.P. Morgan Chase & Co (NYSE:JPM) has declined sharply from the morning highs. If the financial stocks fail to hold up these markets could see a much sharper sell off today. Traders must remember, the only thing that can hold this market up is a weak U.S. Dollar Index.

MF Global Holdings Ltd (NYSE:MF) is plummeting lower again. The CEO of this company is none other than John Corzine the former governor of New Jersey and former boss at Goldman Sachs Group Inc (NYSE:GS). MF stock is not looking very healthy today and this stock is likely to weigh on the markets. 

Nicholas Santiago
InTheMoneyStocks.com


2 Comments – Post Your Own

#1) On October 26, 2011 at 11:53 AM, TheDumbMoney (41.75) wrote:

To make a chart hold water you need to curl it into a little cone and make sure to keep the whole at the bottom as small as possible.  Alternatively, you can fold the ends together and bend the bottom down to make a little boat.

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#2) On October 26, 2011 at 11:53 AM, TheDumbMoney (41.75) wrote:

whole = hole

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