The DOW fell at the start of the trading session yesterday and at one point was down 325 points near to the 12,400 target level for the head and shoulders pattern, but buyers came back in looking for bargains and pushed the index back up to the close and finished the day down 15 points. As the DOW has dropped 1200 points in the last 6 trading sessions we could see some buying as traders start looking for some bargains. The S&P was down 35 points during the session but rallied to the close to finish up 4 points. The NASDAQ was down 70 points at one stage but finished the day down 7 points. After gapping lower by 120 at the open the FTSE 100 and continued to trade lower during the session to finish down 250 points. The FTSE, writes Greg Secker, 250 closed down 426 points. Asia overnight also traded lower with the NIKKIE falling 874 points (5.4%) and the HANG SENG 688 points (3.3%). Futures – DOW is called down 85 points, FTSE is called flat. Oil is trading at $71.20 and barrel and gold at $648.5.

This entry was posted on August 17, 2007 at 8:33 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Greg's Commentary by Greg No Comments Yet