Tuesday, August 28, 2007

Is this quicksand?

Looking for a bottom in this market is becoming increasingly difficult. In the early afternoon stocks were down meaningfully but not on high volume and with big hits more or less contained within the housing related and financial segments. It seemed like a normal down day of late. Looking ahead at that point, one could see a monthly close coming up on Friday and begin estimating when the bounce would begin, the last hour of trading today, Wednesday, the latest Thursday. It was time.

The last two hours did not cooperate. Volumes picked up and selling pressure intensified, across the board. Those earlier hopeful thoughts were erased. The last week in August, a holiday week, is not supposed to have gut wrenching moves. Predicting the next few days is not possible and dreaming about the bounce tonight, if it happens, might unfortunately just be a dream.

Don't give up on a Thursday rally just yet. Rally from what is the question.

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