The market is fearful of the fallout from the credit crisis and the global economic slowdown
The sinking Titanic has caused those on board including the captain of the financial market like Nikkei and HangSeng to dive into the mighty ocean.
Tracking the Dow on Wednesday,19/11/08
Two days to Dow Index Expiry.
Chrysler testified before the Senate Banking Committee in an attempt to secure government loans for the struggling automakers.
10:30am:--A double top.
October CPI fell 1.0% month-over-month, which was a larger-than-expected decrease compared to consensus estimate of -0.8%
11:30am:--Bears Hammer.
U.S. automakers are currently testifying before the House Financial Services Committee, which follows their appearance before the Senate Banking Committee yesterday.
12:30pm:--Small body Bulls engulfing.
A mild technical rebound.The latest new residential construction data fell to the lowest levels on record, and provide another weak point for GDP calculations.
1:30pm:--Bearish hammer.
The FOMC will release the minutes for its Oct. 29 meeting in about thirty minutes.
2:30pm:--Bears at session low.
Citigroup (C 6.45, -1.91) tumbled 23% to its lowest level since 1995. Citi said it will buy the remaining $17.4 billion in structure investment vehicles it advised.
3:30pm:--Graveyard Dojis.
For 2008, the Fed expects the economy will grow between 0.0% and 0.3%, down sharply from its previous forecast of 1.0% to 1.6%. The 2009 forecast now calls for growth between -0.2% and 1.1%, down from the previous forecast of 2.0% to 2.8%. The Fed also raised its unemployment forecast.The minutes hinted at the likelihood of further monetary easing, as some FOMC members saw potential for further rate cuts.
4:00pm:--A small morning star closing at day's low.
So they have completed last week Thursday whole candlestick,top and bottom.It's roll-over day.
So they have completed last week Thursday whole candlestick,top and bottom.It's roll-over day.
Can they bring it up again this Thursday?
Maybe yes.