7/7/08
Today started out with big gap up with crude oil future opened down almost $5. But the news of FRE & FNM (again the financials) dragged down the Dow & S&P to new lows before last hour technical oversold bounce. However, the rally did not last til the end. Both indexes gave up 50%, 38% respectively of the recovery points and ended slightly down. Also, we are still waiting to see the panic selling which it is still not happen so far. The VIX & Puts/Calls ratios are both not in fear zone. No confirm bottom yet. Look like we need to see more days. Everyday, indices oversold, breadth oversold, almost everyday the market would rebound from that but cannot last long enough to justify the bottoming. Tomorrow, the earning season kicks off by AA after market. Let see if AA would give us more clues about the market. Sentiment is still bearish for the market.
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