And it came in the last hour of trading!? AS the EURO rose on speculation of addt'l banking measures, blah blah, US $ weakened all coordinated so to speak.
DO you think also after 3 of last 4 trading days contained over 90% down volume, a bounce was near? of course, that's how it works, and shorts covering at close caused even further stampede.
The market is SO volatile, this is not the playground for the avg Joe, or for most. LOW LOW LOW interest rates are sparking a surge of refinancing, could inject some consumer spending, is making some well positioned Mortgage companies and brokers some nice dough, but JOBS JOBS JOBS are what is needed to sustain any kind of recovery.
FED BIG BAD BEN said "the slowdown was worse than we thought, the recovery weaker than we had hoped...." SO we will keep right on doing what we've been doing that isn't working....because of course it could be worse.
THE WORLD is unwinding from years of abusive central bank behaviour and living beyond means...Even now, in the darkest hour, when all the tricks and gimmicks haven't worked, they are doing even more! Selling short term notes for longer dated ones.
Just when the US lost its AAA rating, treasuries have had one its greatest quarters. What will come next? How far can the rally go? Did an important bottom form today?
Now more than ever, technical analysis will play an important role, as the market heaves and ho's on every news report and Eurpoean save effort. Meanwhile.....be careful out there.
D
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