12/11/07
What a bearish candlestick pattern(Bearish Engulfing) was formed! ( Date 12/10/07 & today)!!! As expected, traders are selling the Fed 25 basic points (market wants 50 basic point) rate cut news once again as usual since the recent rally has priced in the quarter point rate cut. All indexs are posting huge loss today because Fed does not give any clear indication from the statement neither.
Watch over the DOW index 13400 level as support ongoing. But it seems market is about time to head lower(retest 12800 level).
If the Dow Index is trading closed below 12800 for over a week, the primary strong bull trend started from late 2002 will be running out of picture. What it means, it may start as new BEAR market. Lets watch.
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