Pretty bad day again on Wall Street today with the index falling on news of bleak forecasts from Alcoa, Intel and Time Warner. Add to that the evidence on rising unemployment and the news on Satyam.
Seems like all the Wall Street gains in the new year have been wiped out in a day again.
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It was a perfect set up for fall. It was near the crucial resistance level of 9100. Struggled to cross that level 3rd time in last 3 months. It's a make or break situation now. Unless there is some positive indicator from the economy it will crawl back to 8500 and then 8100.
ReplyDeleteOnly a close above 9100 for 2/3 consecutive days can take it higher. Till that happens traders will short aggressively at every rally.
Rajat