Hi gbr
Many indicators are already at levels worse than at anytime during the GFC, however this isn't 2008 although I accept it still remains a fresh memory in the minds of many wounded investors.
Panic selling by mums and dad investors is what we're seeing.
The volume on the DJIA last week has already hit extreme panic levels and indicators are showing extremely oversold.
Big reversal days on both Wednesday and Friday on the DJIA with heavy panic selling on Thursday provides enough ample evidence imo that smart investors have already started buying again.
Panic selling (with any luck) should continue on the Dow tonight but imho we will be seeing the start of a large and overdue relief rally on the Dow as early as Tuesday night. If it does play out this way then we only have one day left for some great buying opportunities.
The buy side on OBJ looks weak, I agree, however those sell orders under 2c will quickly dissappear when this tide changes - by Friday at the latest imho.
Aussie markets today were reacting to the US downgrade announced late Friday afternoon but imo the big boys were already well aware of this back in July - as per this ref re Wall St Journal article in July.
July 26, 2011
"The Investment World Knows That The U.S. Is Not AAA Everyone already knows that the U.S. has lost its AAA status. Anyone who knows what is going on, already knows that the U.S. is now the biggest debtor nation in the history of the world. It's only S&P and Moody's that haven't figured out what is going on." Jim Rogers blog re US Downgrade - July 2011
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Investorpaul,
Spot on!
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