meant to say no more rate increases not cuts. Anyway, Dow was down over 500 points when I went to bed now only down 240 odd. Pretty inspired buying there by the bulls at the end with oil closing 2% or 3% above it's low. Almost enough to convince me they could get some type of rally going. I've said previously on another thread that I thought the low in oil would be 34 or 27. $34 looked good for a day or two and now I'm left with 27 which was tested last night and held. To be honest I'd didn't think I'd have to contemplate a lower number but low 20's would further decimate markets ( contrary to what the taking heads of the business channels tell you ) , especially if we spent months in the 20s without a rebound.
The Nikkei and the FTSE both entered bear market territory yesterday. Joining the DAX, CAC, Hang Seng and Chinese markets. Our market would have hit bear territory today 4800 if it wasn't for this late Dow rally but I suspect it's only a matter of time.
