Billhart22 what do you think?
What a day huh...
I bought another 5000 shares of Sirius today @ .11 so now
I have 35000 Adv .40.. Started @ 2.37 before the merger..
Then I couldnt help myself I bought 100 shares of BAC @ $5.15 I figure maybe they will get more funds from the gov. and go back up! What are your thoughts.. BAC went down 29% today... I will never hold anyone to anything...I am a carpenter so your thoughts are proberly better then mine... PS I trying to spread out a little..
Prediction for 21 January 2009
I have all ready covered the really great news, but this is what the spirits are telling me tonight.
There is not any love out there or any better market until the banks start to the uptrend.
They took a beating today and were 25% down.
Until the banks make increases we are in deep doo doo.
We took a day off for MLK and then the U.K. freaked out because we weren't there and threw out another stimulus package to their banks and in turn the Asians went wild because the U.K. went wild and who knows who else went wild because the Asians went wild.
MLK day created a domino effect, because of the banks last week here in the U.S.. Well, because all the other countries were freaked out, we freaked out and our banks took a beating today. So I expect tomorrow that they will start freaking out again.....you get the idea....a dog chasing its tail.
So if everyone that is stressed out in the world's banks would just go to the bathroom and get a grip on themselves, then things could calm down.
Think about it? How much did you hear about FIAT taking 35% of Chrysler today for no money? Actually, how much did you really hear about anything other than B.O.?
Stocks were going a little bit down before his speech, started selling off during his speech and plummeted after his speech. A real confidence getter.
So until the banks kick in, it is not good.
Our DOW support is now 7449.38 and our resistance is 7773.71 Once we hit 1400 on the NAS we should take a bounce. We are ONLY 41 points away from there. Until we hit 1500 again it is bearish, but above that I consider bullish, but, if we need it, 1400 should give us some strong support.
So, tomorrow most likely continue with a downtrend at least until it hits the support levels which might be strong enough to give us a bounce.
The resistance levels for the NAS are now 1456 and 1500.
Those are the ranges to keep our eyes on.
No bank support = no stock market uptrend
Please post your predictions and reasoning, even if it is just that the weather is going to be nice