see the post here of how I knew a crash was inevitable http://abcsofgas.blogspot.com/2010/04/warning.html
This was a crazy day.. I was sitting at the TV and saw the dow plunge 100 points every 1 minute for 5 minutes straight--in retrospect I shoulda bought stock-- it was pretty scary.. the traders I have talked too all said their softwares froze and were too scared to do anything.
Accenture and many other stocks traded at 1 cent
--Weekend Update of the markets and natural gas.
Here is a chart of the S&P Weekly. I am trying to provide unbiased analysis as I am in cash.
If the chart does not fit on your screen just click on it.
Important Things to Note:
Don't get too bearish/too bullish.
In my perosnal opinion, we crack support and the Dow still has about 1,000 points left to bottom.. but technical wise, one cannot go short until a clear break of 1070 on the S&P or about 9800 on the Dow.
Weekly S&P Chart.
$Natgas
Technical Pattern: Rectangle Formation--It is a continuation pattern meaning the bearish trend will likely resume when we break $3.80.. however a break of $4.40 would lead to a reversal. The most money is made on breakouts.. That's what I'm waiting for.
