After an opening surge up 120 points, the Bears pulled the rug out from under the naive Bulls who thought that Monday’s upward move of 92 points was a sign that the sub-prime loan mess was no longer a factor for stocks.
The very worrisome factor in today’s move is that it set up a classical stock value key reversal. Today there was a "key reversal,” when the prices mark the highest price then turnaround and close below the previous day’s low. When this occurs, the market is announcing a very likely correction. So be careful![tags]stock market,key reversal,sub-prime,subprime loans,housing bubble[/tags] downtown San Diego real estate
Great & timely post! Sounds like you really know the stock market as well as the real estate market.
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Housing down and now the Stock market too?
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I’m sure many have seen Jim Cramer’s view on the housing market video. Basically saying the inland empire is in for a world of hurt and 2/28 mortgages will default at 100 percent. Wow, talk about converting to a housing bear.
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