Haven’t We Been Here Before?
8th March 2008
The DJIA joined all of the other major indices in falling below its lowest weekly closing level in a year. A poor jobs report was the culprit this time. The market is now ‘hanging’ in the middle of nowhere.
The bad part about yesterday was the fact that the market gapped down, and then just hung around in that area the rest of the day. There wasn’t really a bounce, and there wasn’t really any follow through after the fall. The DJIA is likely going to drift lower to support at the 11,600 level. Only time will tell if the big players decide if that’s an area where they can find enough value to start buying again. - JD