By John Galt October 3, 2011 – 23:25 ET Thanks to an email jostling my memory, I dug up the old videos I posted on YouTube and sure enough, even though my timing as usual is not “perfect” I predicted the events in our equity markets that we have witnessed since Labor Day. The bloodbath is just starting however and I’ll post a new video up tomorrow to outline why I think the S&P 700 prediction from the other gentleman might just be conservative....
By John Galt October 3, 2011 – 15:20 ET Just look at the arrows. No further comment is necessary as this isn’t even a capitulation move….. Snapshot from the Wall Street Journal Market Data page:
By John Galt October 3, 2011 – 15:05 ET With the markets teetering and kissing the 1101 area once today, I thought it might be prudent to put the storm warning flags out, as I see them, for the stock markets in the weeks to come: 1. A close for two days plus below 1094 is a signal for another 5-15% decline within 5 days. 2. IF the markets close below 1094, rally, fail then close below that level and follow up with a...
By John Galt October 3, 2011 – 13:25 ET I don’t think this is the way the bulls wanted to start the 4th quarter. As it sits now the S&P 500 as of this posting is down 20.23 to 1111.19 below the interim support level of 1120 and now putting the 1101 intra-day support into play. The chart does not lie about how severe this breakdown is this afternoon: With rumors of AMR facing possible bankruptcy and halted again after a 30% decline, Morgan...
By John Galt October 3, 2011 – 04:25 ET It is generally considered not to be a good start at any time when one of the largest markets in the world gets smoked with a 4.38% decline to open a new quarter. The Hang Seng in Hong Kong opened poorly today with a healthy sell off which broke another psychological level at 17,000 and now opens the flood gates for speculation on further declines into 2008-2009 lows. While this may not portend the future...
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