It may not have been bad, but it was not good.
The market has to have an up day or two. Obviously that is a preposterous statement that it has to but in the past, down many days in a row results in some sort of respite.
But who cares about a respite? The more important question what is going to happen over the next few months and longer? Serious correction still to come or is what we have had the extent of the correction?
Most of the day seemed to evidence a lack of will by anyone until the end of the day when more selling ensued. People got very excited when the S&P 500 was in the 1320s but I was not. A lot of people are concerned with the market down here and right or wrong I am also concerned.
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5 comments:
Seems like everyone is waiting for the bounce to get short. Result, rally attempts get sold. No bounce.
Second that. The trend is down. When the rally was a non-starter, at 3pm people decided they were tired of waiting and threw in their positions on the other side. That's how the ST players play it.
Now, given this is options expiry, where is the weight of THOSE trades? Could be wild.
Is'nt a market turn around that does'nt happen called a "dead cat bounce"?
Changing subjects, can anyone explain why Banco Santander Chile has been dropping so much? Is it because financials are off generally or is there some more specific and possibly sinister reason?
I learn more from the exchanges here that I could were I to go back to university. Thanks you all.
Cephas
There is no way of identifying this as anything more than a normal correction with what we currently know.
I expect a rally sooner or later. My best guess is we make new highs, but we will not know until the future unfolds.
KL
Cephas,
SAN (held personally and for some clients) is not really down that much compared to other emerging market stocks. Actually I think it has held up well, compared to emerging market stocks.
I don't think the trade has anything to do with financials it has to do with emerging markets. This latest business with the dollar has triggered a correction that is still underway. In short order the dollar will no longer be center stage like it is now and then trading in emerging market stocks will trade more on their fundies. Of course that does not guarantee the stocks will go back up.
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