I thought today was a mixed day because volume seemed mostly light. I watched the tape all day long on different stocks and it was very light trading in my opinion. To me that shows some winding down of interest. Similar to how a stock that gets poor volume can gradually decline and trade sideways. People are losing interest at these current prices, there is a mixed sentiment. However I have seen the market appear to trade light and then shift up, and Fridays sometimes appear light either way, so this isn't the best indicator. However it did give me an uneasy feeling in my gut.
I think all the technicals point to us testing the 9000 range on the DOW next week. We broke through the 9500 support levels, we are in the 9400s, we may dip our heads above it briefly but I think we'll see a further decline.
One thing that has me concerned is the unemployment numbers. I know the initial reaction was that the market seemed unphased by it, however I am wondering how people in general will feel about their money in a volatile stock market when they are at a greater risk of losing their job. I see more people selling to go to cash where they can feel at least a little safe. Now how this will effect big money who could care less about unemployment? The more fear of unemployment, the tighter people also get with spending their money. I'm talking a weekend of news coverage on how the unemployment numbers are could elevate fear. It's looking like forecasts and announcements are beginning to trickle in to warn people of a decline in earnings here and there because of "the economy".
I know nobody wants to hear it but if there was ever a time for a black Monday or an "October Crash", you would think this month would be it.
In fact if there wasn't an October Crash this month, we might as well discard that word from our financial dictionaries.
I know my opinions don't mean much on this forum or the net, however I would love to hear someone argue against what I've said and maybe balance out some of my thinking. Maybe I'm over reacting and assuming too much.
I think all the technicals point to us testing the 9000 range on the DOW next week. We broke through the 9500 support levels, we are in the 9400s, we may dip our heads above it briefly but I think we'll see a further decline.
One thing that has me concerned is the unemployment numbers. I know the initial reaction was that the market seemed unphased by it, however I am wondering how people in general will feel about their money in a volatile stock market when they are at a greater risk of losing their job. I see more people selling to go to cash where they can feel at least a little safe. Now how this will effect big money who could care less about unemployment? The more fear of unemployment, the tighter people also get with spending their money. I'm talking a weekend of news coverage on how the unemployment numbers are could elevate fear. It's looking like forecasts and announcements are beginning to trickle in to warn people of a decline in earnings here and there because of "the economy".
I know nobody wants to hear it but if there was ever a time for a black Monday or an "October Crash", you would think this month would be it.
In fact if there wasn't an October Crash this month, we might as well discard that word from our financial dictionaries.
I know my opinions don't mean much on this forum or the net, however I would love to hear someone argue against what I've said and maybe balance out some of my thinking. Maybe I'm over reacting and assuming too much.
