Oil $140 with Dow down 358

6/26/08

Remember I posted the title Gravestone doji Dow, gravestone doji means indecision but with bearish candlestick single day pattern. Today, since market opens below the 11740 mark, there is nothing to say. People are blaming few factors for contributing today big loss. First, RIMM earning missed and ORCL disappointed forecast. Second, oil is climbing touch $140 mark. Third, GS gives sell rating on C and GM. In fact, GM closed at 53 years lows and C closed at 10 years lows. I guess on coming months, Dow need to take off GM as one of its component stocks if GM still trade in low teens or lower. Next support still valid for S&P is around 1265-1275. 11000 would be next mark for DOW. VIX index closed 23.93and still has not in fear zone(above 30) to indicate trusted short term bottom.