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Market saved by a miracle

Started by williamichang, 06/09/2006 04:08PM
Posted 06/09/2006 04:08PM Opening Post
Wednesday afternoon the market unambiguously signalled, and started, a "mini" crash. Whereas it had dropped at a rate of 1% per week for 3 weeks, followed by 1% per day for 3 days, between 1pm Wednesday and noon Thursday it was dropping nearly 1% per hour (especially NASDAQ). The gap between falling prices and moving averages had expanded by 50% beyond even the widest recent gaps. Wednesday afternoon, I thought only a miracle could save the market -- and Thursday morning it came, from Iraq. That positive psychological boost gave the market a Patriotic Rally, reversing Thursday's losses and setting a trading volume record. So for one day at least, the market was given a reprieve... but Death Watch continues.