Support Violated

Comments

1. FastSwings says

   November 21, 2008 at 6:25 am

   The chart is amazing. The drop from the high of 2007 to yesterday is a record breaking steep drop. Lets hope for a V chart bottom that quickly corrects this sell-off.
2. michael m. says

   November 21, 2008 at 8:55 am

   I am curious about something:
   what date does the S&P match, correcting for inflation? Since prices have risen since 1997,
   our 740’s S&P must be considerably less than the 740 of 1997, mustn’t it?

   Or does the fact that there are dividend returns somehow cancel this out? I wouldn’t think so.
3. Doug says

   November 21, 2008 at 10:13 am

   On this timescale it does not really look like a chart pattern — it looks like what happens to a stock when the company makes a surprise announcement that the last five years’ profits were really losses, or that the president and several members of the board of directors have been indicted by the Feds.
4. Janet says

   November 21, 2008 at 11:31 am

   I see the break through support was on large volume….could be a capitulation sell-off and be an intermediate bottom?? Analyst Yamada says we are headed for S&P 600 to 400 range. My view is we probably won’t see any kind of recovery before the New Year and that investors are unsure and uncertain about the E in the PE. Thanks Chris for all your analysis. Janet
5. Parker says

   November 21, 2008 at 2:56 pm

   A huge year end rally of course!!! This market is so backwards what else would you expect. We’ll be at 1100 in a few weeks in the largest short squeeze in the history of the stock market. Or…not.