US markets trying to hold on to any support. Dow 15770 gone - I...

First 82 Last

Share
Profile

Follow
grandcaruso

2,317 Posts.

12/02/16

02:41

Post #: 17000911
Share

Originally posted by grandcaruso ↑

I think the odds of an imminent collapse are increasing day by day. And by that I mean it's more likely to happen now than it's ever has been in last 5 years. Market psychology has changed to one which is anxiety based and it wouldn't take much to push it into the fear zone. Also the recent dips in the US indices have shown the lack of liquidity in the market and if there was a rush for the exits I can's see anything stopping them. Personally I think the Dow will test support 15770 next week. US durable goods data tonight plus UK GDP and US GDP on Friday.

On a separate note, the CSI 300 is down another 2.7% today which puts it down more than 9% for the week. Index is back where it was in Nov 2014 , so it's gone from 2850 to 5380 and back again in it a bit over 14 months. And the reality is corporate profits for mainland Chinese companies are worse now than they were in 2014 so what's to say it won't go down another 20 or 30%. I bet they can't wait for the Chinese new year to happen and get a few days break from all this. Alibaba reports tonight and doesn't look like it will be good, many in the US are shorting the stock as a proxy for the Chinese markets/economy.

Expand

US markets trying to hold on to any support. Dow 15770 gone - I was one week out. US bulls will want to now close it above 15670. Personally as much as capitulation would be the best thing for the market I think we are looking at 15400 next week and a few more weeks of this give a little bit at a time. Just saw a spider the size of my fist , better go.
Upvote

Reply