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Wednesday, October 22, 2008

Recession "Fears"?

Well. things are just plain ugly in the market today. The SPX has a low at 912, which it has been hovering just over for a while, energy is down big again, and financials are leading, down 2%. There is no strength anywhere that I can find., although the NDX is down only 1% thanks to AAPL.

Oil has breached 70 again, ditting on 68 right now. This could be a do-or -die day for oil, if it closes below this zone, it could drop all the way to 50. Demand has dropped significantly, and traders fear it might go even lower as the economic situation seems to be far worse than even "perma-bears" like me thought.

Another big shot up in the dollar, despite the liquidity Uncle Ben has been pumping into the system. This is great is you are holding cash, not so great for your assets.

AXYS and CLB are both reporting today, after market close. I also had ARCI unconfirmed for today, and there is no news on it. There is one breakout on the scan, STSI, which looks fairly promising.

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