Well, it wasn’t so much uncalled for, as it was unexpected! It’s just odd. GS reported $2 billion loss and first loss ever since going public. What was the market response? It just pumped the stock up. The stock just went up $9.54 (14.35%). That’s just unexpected. Oh well, it is supposed to retrace a little tomorrow.
Additionally, looking at the DOW, another higher low has been put in. This market has been pretty well desensitized to “negative” news in the financial sectors. Wall street messed up! Banks made big boo-boos. Auto makers have been doing the same ole same ole for a good while. And a 8 year old shot his grandmother. Well, not really, but after a while people get tired of just constant “negative” news. People will eventually step up and say that they don’t care they’ll just buy something at these prices and hold. And more investors will start coming out of the woodworks. Let’s see the DOW chart.
We’ve started and ended from and at the 8550 level for 2 days each for a total of 4 days showing good support on that level. Hopefully, it will hold. If not, the 8380 level will show good support. Notice strong down days only have fewer candles. And if there’s more, they’re smaller. Up days have been nice and big candles lately. That should mean good news. Should being the operative word here.
Let’s see the 300+ pointer day. It was something that wasn’t expected. Otherwise, I would have gotten some calls on something. Or puts on SRS. Currently, I’m holding one BAC put and one AAPL put. Both are unprofitable.
