Today the Dow Jones Industrial Average (DJIA) closed at 7552.60. The market low we had back in November 2008, that is, the lowest that the autumn crash gave us, was 7552.29. So, the BNN commentators were right last month when they said those lows might still be retested. I just wonder whether the Dow is going to close lower than this tomorrow. If it does, I don’t think that’s a good sign. Because it will mean that the resistance points have been broken.
I’m no technical chartist by any means, but I know that it’s significant when resistance points are broken because it makes a psychological difference and introduces a lot of uncertainty at a mass scale.
But anyway, being optimistic, does it matter? It’s just another opportunity to get back in. The Canadian financials are now at their one-year lows. So if you were thinking of getting into any of the big banks, now’s your chance… I know there’s about ten securities I’m looking at – such nice low prices, I wish I had the cash to jump in right now. But I have to wait a bit for some cheques to come in.
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