I Get Knocked Down…
6th March 2008
The stock market was knocked down again today, just like it was on Tuesday, but this time it did not get back up again. The DJIA is now virtually sitting on its January low closing level. The S&P 500 actually snuck a little lower. The Nasdaq has made it down to its intraday low. It does not look very good for the financial markets.The catalyst for this move was the news of record high mortgage foreclosure rates. If we blow through this support level tomorrow all bets are off. I don’t think the market is ready to start singing Chambawamba’s Tubthumping yet. It may not be too late for you to put on some bearish option strategies.
- JD