The post I put out Monday (see below) after the closing bell has been verified by today's weak economic reports. The economy is not recovering as well a we had hoped it would, and my Bearish stance is confirmed even more by today's data:
"U.S. stocks tumbled to their lowest close in nearly a month on Thursday as the latest batch of data amplified concerns the economy is stuck in neutral.http://finance.yahoo.com/news/SP-500-Nasdaq-fall-2-rb-40862475.html?x=0
The selloff was broad, with five stocks falling for every one rising on the New York Stock Exchange. Sectors most sensitive to growth were hit hardest.
A report showing factory activity in the mid-Atlantic states contracted in August for the first time since July 2009 blind-sided investors, who had been expecting activity to increase. Earlier, the Labor Department said first-time claims for jobless benefits rose to a nine-month high."
Here is the post I made on Monday on my other blog after the closing bell...There are a few other charts of interest in that post:
http://stockmarketchartanalyst.blogspot.com/2010/08/update-mondays-s-500-daily-chart.html
Don't forget that tomorrow is Options Expiration Friday...Unusual activity is the norm...
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