“The DJIA will be hard pressed to push beyond 10,540 today. A break below 10,370 gives us a shot at 10,250, and that would offer traders a hit-‘n-run buying opportunity.
The two day, 335-point (3.12%) drop in the Dow is mostly attributed to President Obama’s call for tougher bank rules. That could be part of it, but I still think we have a two-way street and this action is mostly “technical.” In this uncertain environment, who could blame someone with a fat profit to lock at least some of it in. A further breakdown in prices, would magnify fears of seeing most of a good profit vanish…”
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About George Brooks:
George Brooks started in the investment business as a stock broker in 1962 and quickly gravitated to the research end of the business, first undertaking his own vast study of fundamental and technical analysis, then taking a position as director of stock market and economic studies for a leading money manager and publisher. In 1973, he formed his own firm to provide daily market timing and stock selections for two regional NYSE member firms, as well as special situation research and written analysis for leading investment advisory publications.
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