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Market recap: Sellers dominated the trading day, sending stocks to their worst drop since June...

Market recap: Sellers dominated the trading day, sending stocks to their worst drop since June as earnings disappointments begin to reflect the global slowdown. The carnage in tech stocks continued, pushing the Nasdaq down more than 2%. Other pockets of the market also showed weakness, with GE and McDonald's among firms reporting slower revenue growth. NYSE losers led winners four to one.
Comments (7)
  • That and the fear of another Black October was being fanned out in some Websites such as the MarketWatch yesterday.


    This is what's happening now on 15min chart:


    - Dow Jones Intraday:


    - SnP500 Intraday:


    Suitable for Intraday Traders who would like to counter-trade this Intraday Meltdown. For Day-Traders; the better trade is to wait for an A-B-C up. IF SnP500 and/or Dow Jones failed to Double Top next week then higher probability they are going to go into Daily Chart Meltdown Mode.


    * I sold half of YM Longs (bought 4 days ago) including 1/3-rd of SSO Day-Trades last night when I saw the preponderance of Black October 1987 articles in MW. Stock markets, as we know it in EW, is more a psychology factor rather than Fundamental Analysis specially on short-term basis.


    ** AAPL already achieved it's 1-2-3-4-5 meltdown on the 120min Chart Nominal Target of $612.66 with Maximum Allowed Run Rate of $602. Thus, IF and only IF Apple keeps plunging and breaks hard below $602 then it could go into a Spiral Meltdown of indeterminate targets to the downside. Trailing stops for my AAPL Day-Trade triggered today with small losses. Can't win them all.
    19 Oct 2012, 05:05 PM Reply Like
  • Thanks for the Put, Ben.
    19 Oct 2012, 05:59 PM Reply Like
    If it goes into a melt down it would be because of a earnings miss.
    If it stops growing it is worth $200.
    However I see more positive for this stock in the near term.
    19 Oct 2012, 08:12 PM Reply Like
  • Gosh, who could have known? So much for the market being a discounting mechanism.
    19 Oct 2012, 11:42 PM Reply Like
  • Any thoughts on what the market might do Monday?
    20 Oct 2012, 01:52 AM Reply Like
    21 Oct 2012, 04:38 AM Reply Like
  • Even more interesting that while Google's core business has reported double digit declines the last 3 consecutive quarters the stock was closing in on $800 .
    21 Oct 2012, 07:33 AM Reply Like
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