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October 21, 2008, Tuesday Evening
Surprise, surprise, the market sold off. So we still can’t get any traction more than a day and now we are entering a dangerous time for the market if it continues to sell off. My best guess is that the stock market goes through a process of bottoming while not breaking the October 10th and October 17th lows in stock prices.
The oil and gas sector had a little follow through this morning while most other sectors drifted lower.
AAPL had earnings after the regular stock market closed and moved up 13 points after falling $6.95 during the regular market. This could help the market open up a little tomorrow but it is doubtful it will little lasting effect, considering the all stocks have sold off with good news or good earnings
We are in a holding pattern at the moment while watching the current intermediate stock positions and seeing if they hold without dramatically selling off again. So we are in a monitoring mode for now.
Have a great day and I’ll talk to you tomorrow.