Markets will go in short covering mode now and the SPX will rise to 1300 even within 2-4 weeks the 1165 SPX. For NDX, the extended support at 1600 have held for now and we go into a short covering rally.
Thursday, September 18, 2008
Markets made new lows and turned around - the lows are in place. The outside trigger event came. Instead of a rate cut, this is even a bit more of a powerful move probably. This was, however, unexpected since now they will expose taxpayers' money big time. They are doing exactly what they denied all the time - a bailout of Wall Street. But now, they do it with $500bil. to $1 tril.
Posted by getagrip at 4:07 PM