Market Recap: It Closed At The Exact Low As I Mentioned At The Open
June 11, 2008 9:42 PM
The market was a typical gap trend day down. I warned at the open that if we cleared Monday’s lows that we should close at the low of the day, and that is exactly what happened. The only reason the market didn’t go down much farther was that the Dow low did not clear until less than 10 minutes before the close. It bounced just above 12100 over and over and was finally taken out, but too late to do any real damage. If the market would have been open another hour I believe the losses on the day could have easily doubled.
Once again, if we open higher tomorrow, it is a nonsense relief bounce, and the odds of any lasting strength would be very slim, IMO. We HAVE to make a new low to put in a floor, IMO. CPI is Friday. If that is ugly, I have no idea what will happen, but my first, second and third guess would be not good.
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