Yesterday’s technical talk got picked up by Dow Jones Market Talk right at the Bell:
07/22 4:00P (DJ) DJ MARKET TALK:
Equity Markets Could Be Ripe For A Bounce
Story 108894:00 (Dow Jones) The recent stock selloff is the sort of tiring action that eliminates weak hands, exhausts sellers, and throws off enough confusing signals that both bulls and bears end up frustrated, says Maxim Group strategist Barry Ritholtz. But, it also creates a deeply oversold condition making a bounce relatively easy. He sees the markets bouncing back for the third time this year, with the Nasdaq able to recover to 2040 and S&P 500 to 1140. He sees a low-risk entry point here and says investors won’t need much to go right, as long as nothing major goes wrong. (NPB)
Barry, with the Naz going below the “head” on the inverse head-and-shoulders pattern, yesterday and today, doesn’t that invalidate the pattern?
The Dow Jones Transportation Index was down just .27% Friday. The lightest hit anywhere. So, I’m not worried too much about not seeing a bounce today.
Next week the Democratic National Convention is in Boston and the Experimental Aircraft Association annual fly-in is in Oshkosh, Wisconsin.
Being of sound mind, etc. I choose to be in Oshkosh were we will remember Astronauts Armstrong, Aldrin, Collins, and the 35th anniversary of Apollo eleven and the first landing on the moon. We will politely ignore that this is also the 35th anniversary of Ted Kennedy’s driving misadventure and the death of Mary Jo Kopeckne.
The Democrats in Boston will also politely ignore that this is the 35th anniversary of Ted Kennedy’s driving misadventure and the death of Mary Jo Kopeckne. I don’t know what they are doing for fun. The Dems don’t seem to be a fun party anymore.
With those conventions over (Yeah, like the EAA effects the market!), we will all be either relieved or satisfied and then we will be ready for a bounce.
I apologize.
I read the comment so quickly
that I though you were quoting
someone else.