Stocks Get Sold Hard!
September 10, 2008
It didn’t take long for the euphoria of the nationalization of FNM and FRE to wear off. Stocks simply fell apart as NASDAQ volume was higher and NYSE volume was essentially flat compared to Monday. It is clear as day the trend is down and what is making it worse is nationalization of the entire financial system in the United States. We are now seeing breakdowns in AAPL, RIMM, BIDU, and GOOG continues its demise despite is low price/earnings. We are far from seeing the end of this decline, Tuesday’s action proves we are still in a downtrend.
The market wants to test the July lows and the NASDAQ will want to test its March lows. Its not the time to be getting long this market. I will continue to wait and stay patient as I know at some point we’ll turn around.
Enjoy
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