Stock Market At A Glance - Decline Continues…

Posted by admin

October 28, 2009

Major indexes declines on much higher volume and leaders are being pounded left and right while the US dollar seems to be changing the trend here to the upside. This market is now showing major weakness signs and has either broken major support levels or is about to test one. A 10-12% correction followed by a calm flat trading on low volume would be really meaningful for the bulls but you never know what’s in store. This would provide some time for the new leaders to form bases. Lets see how this downtrend turns out to be…

Index	Close	Change	% Change	Trend
Dow Jones	9762.69	-119.48	-1.21%	DOWN
S&P 500	1042.63	-20.78	-1.95%	DOWN
Nasdaq	2059.61	-56.48	-2.67%	DOWN

Some of the leaders breaking down below their 50 DMA are GMCR, CISG, CFSG, PEGA, GS, EJ and the likes.

After the close, First Solar (FSLR) disappointed with their earnings release and got smacked hard falling 24.08 (16%) to close at 127.50 in after-hours trading. gets knocked out and sheds 13% (56.98) to close at 375.99 in after-hours trading.

Stock Trade Updates: Closed out short positions in GS and RIMM for nice gains. GS was closed at 172.50 (shorted at 183.29) and RIMM was closed at 61.44 (shorted at 69.15). These 2 names still present a great potential to breakdown but I would wait for them to bounce a little before pouncing again on the short side.