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AP updated 3 minutes ago
NEW YORK - Stocks continued downward Thursday as weakness in the financial, energy and health care sectors overshadowed gains by technology issues. In late afternoon trading, the Dow fell below 9,000.
Trading remained volatile, with the major indexes like the Dow Jones industrial average and the Standard & Poor's 500 index bobbing up and down. The Nasdaq composite index, with a bevy of tech stocks, showed more lasting gains because of advances by companies like Intel Corp. and Microsoft Corp.
But worries about General Motors Corp. capped the periodic advances by the Dow and the S&P as investors grew concerned that weakness in U.S. vehicle sales may emerge elsewhere in the world. GM, one of the 30 stocks that make up the Dow industrials, fell $1.14, or 17 percent, to $5.77. The stock fell earlier by as much as 21.7 percent to $5.41, its lowest level since December 1950.
Landry: Bounce @8,500, Dow to 5,800 Possible ...
Robin's expectations are outlined this way:
"The Chart(*) above is a long term chart that shows that my target for 7400 may be too high. If we get a maximum retracement of 68% then the 5800 range is quite possible. I am confident that one of the targets will be met. The time frame is the most difficult to determine. As always there will be sharp counter trend rallies along the way but keep your eye on the final larger degree target which is much lower than we are today. I have said for several years the idea of buy and hold will cause the greatest pain and loss of confidence in the advisement business that this industry has ever seen once we enter the larger degree correction corresponding to the 1929-1934 decline. We are at that timeframe and many people who rely on their saving in the markets to retire will not be able to retire due to the lack of discipline in the training of advisors toward capital preservation. I believe the next two or three years will prove me right. I hope I am wrong but doubt it. God help us all. As always questions and comments are welcome."
Talking a bit this morning, Landry says the web bot project's October 7th date was pretty close. "You see, the thing that happen was that we flipped over from the glass being half full to the glass being half empty...and today it's maybe 3/4's empty, but we have a long way to go..."
Indeed we do -especially if his 5,800 Dow low is anything near right.
Originally posted by 2stepsfromtop
Bettng that the little bounce right now ends in another after hours decline. Glad I'm not in there.
Originally posted by Mainer
Are these bounces PPT in action?