This market is hung on global recession and fear about corporate earnings 4Q and into 09. Sure, we'll see the occasional upswing based on this or that 'good news" only to be reversed by a downward earnings report by a major coupled with a gloomy forecast. Personally I think 4Q retail is going to be a disaster and that the market will drop to 6500 on that news. Even companies with the strongest position will not swim upstream against that tide.
Day end upswings may be based on technical factors and trading. But technical trading is not driving the general trend...fear is in the saddle and will remain in the saddle for some time.
Does anyone expect 4Q retail to be anything other than grim?
This feels like more of the same slow bleed. The good news is another couple weeks of this and all stocks will be valued at $0 and you can't get any lower than that.
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