Thursday, October 1, 2009
Are Markets Heading Lower?
Over the past few weeks & just this past weekend; I posted that a pullback was coming and that using hedges, or as I suggested the ProShares SDS & QID would be wise. So is this just a one-day pullback? Or is this possibly a 10% correction?
Today's ISM report showed a decline in new orders, peaking short term, also Congress asking about dollar policy while questioning Ben Bernanke doesn't look good.
Tomorrow's Jobs Report will be a significant data point that will either rally or accelerate the selling...its all about JOBS!
I've posted quite a few charts below as well as a CNBC video of Oppenhiemer's Carter Worth. The charts are those of the ITZ PIX portfolio, except for the Proshares QID & SDS, with some suggested stops. Aslo suggested stops on ITZ PIX portfolio are on closing prices, not intraday prices.
*click on charts to expand image