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Fear and Panic Take Hold of Wall Street as Stocks
By BigWave_Trader on October 29, 2009
Same story again on the Street Wednesday as stocks were sold off in panic fashion as fear over housing and the overall recovery continue to take hold. If you haven’t been on the sidelines watching with cash like many of us you have enjoyed seeing your stocks take a big hit. We are in a wait and see mode as we expect the market will recover somewhat and that will drive our next move. There are some charts setting up for possible “ideal” shorting conditions, but then again if we rebound with heavy volume these may not play out. At this time, we simply are being patient and ready to attack.
Here are a few charts to show you where we stand with the market.
We certainly can get a bit more oversold here as many are expecting a bounce. However, others are looking for a complete and utter collapse. Rather than predict what will happen, we’ll stand ready to take care of an ideal setup.
Best of Luck
Posted in Commentary