daytrade diaries... february 5, page-17

I agree Barnsty. XJO holding that 4500 mark is crucial for holding long term support. Its currently sitting right on that mark at the moment ...
I believe US market tonight may set the tone for either a bounce or the start of a substantial bear market correction...
Fundamentally the PIGS ( Portugal, Ireland, Greece and Spain ) are weighing heavily on the euro markets and with the US just voting in another increase in their debt levels ( http://www.reuters.com/article/idUSTRE6135SG20100204 ) I believe we are heading into very uncertain times.
I wont say where i really think we are heading as I may be labelled as a downramper of the markets but evidence is building that this recession is nowhere near over and we may be just in the early stages.
I think if anyone would go back to all the other major recession in the sixties, seventies and eighties they will realise that some of these "milder" recessions lasted well over 5 years ... the 80/81 recession lasted till early 90's so Im finding it hard how to swallow that the "worst recession in 70 years" could last only 2 years...

PS : To the Bulls out there Im a self confessed pessimist so please take anything i say with a grain of salt ... If Im wrong that would be very good news as I am still long on a few stocks ( go BTA !! ) but have been short on the XJO since the start of the year.