Beverly Hills 2/10/2010 5:34:44 AM
News / Business

Dow closes below 10,000

Mark McMillan’s Special Situations blog, EQUITIES Magazine

Financial expert Mark McMillan gives his trade recommendations and talks about the markets’ movement.

“Monday’s session saw a continued move lower with the Dow, S&P-500, Diversified Bank Index, and Russell-2000 making new closing lows, while the NASDAQ, NASDAQ-100, and Semiconductor Index merely closed lower but didn’t close as low as they had last Thursday. The Regional Bank Index closed even with its low last Thursday. We are seeing signs that the downtrend could be weakening as these moves were on moderate volume. The major indexes and leading indexes all remain mired in downtrend states, however, and all have a BEARISH BIAS.

We are now readying for a reversal of the downtrend but it is difficult to forecast accurately. The 200-Day Moving Average lies not far below for all the major indexes. We would be comfortable reversing our short trade if prices reached that point, at least for an initial bounce. We suspect that the markets are indeed ready to rally here even with the current BIAS and states of the major indexes. That suspicion is derived from characteristics of recent trading that we saw at the March bottom in 2009. Until we have more than a suspicion, however, we will remain short…”

To continue reading this post and to read more of Richard Suttmeier’s Stock Strategies, click here.

 

About Richard Suttmeier:

 

Richard Suttmeier’s latest blog analyzes earnings from Intel, the most important technology stock, JP Morgan Chase, the most important “too big to fail” bank, and break-out’s for Comex copper and Nymex crude oil.

 

 Richard Suttmeier is the chief market strategist for ValuEngine.com. Richard is an industry leader on the housing market and banking system and writes a newsletter covering The Great Credit Crunch. He produces a List of Problem Banks by name. He produces daily and weekly briefings covering the US Capital markets. Richard Suttmeier’s ValuEngine Four In Four video is available on forextv.com.

 

 

About EQUITIES:

 

Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.

 

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