Whichever way it goes, tonight is destined to be another fight of big swings between the bears and the bulls. The bull has been wounded yet fights on for all or nothing.
In todays modern world, we feel safer as the market is manipulated and at times kept alive by fiscal policy. Some of us claim the mysterious PPT is behind all this, others just cling onto false hope for a quick turnaround.
So far we have been fortunate enough to have not witnessed massive drops on the DOW slicing 20% plus off the market in 1 day!
Come to think of it, it's ironic that the capitalist world which we have chosen & supported is now crumbling on what actually helped create it..... credit.
In my opinion, we are in a bear market. If you disagree then you should acknowledge that we are more than half way from an officially announced bear market (XJO down approx 13% of the 20% which makes it bear).
As with everything on the market, the old saying 'buy the rumour, sell the news' has some merit here.
In this market, some have chosen to cost average (meaning to buy as prices continue to drop in the hope that they'll have enough money to see the bottom.... then hope for a quick reversal). These people are the "believers" and most are very complacent... they make comments like 'it's a bargain at this price' and 'this company is way oversold'. I wish them good luck, they'll need it.
I see little point in cost averaging (especially in a bear market) as the name itself suggests that you believe the stock is going down. Why not wait and buy for less? Probably greed and fear of loss.
(20min delay)