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Article: FirstAlert(tm) Daily 10/30: Lower Lows Still Ahead For Stock Market?
- Article from:
- Investrend
- Article date:
- October 30, 2009
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Oct 30, 2009 (FinancialWire via COMTEX) -- (Comment on this article at http://www.financialwire.net/2009/10/30/firstalerttm-daily-1030-lower-lows-still-ahead-for-stock-market/)
- Analytical Commentary -
October 30, 2009 (FinancialWire) (By Frank Kollar) -- The S&P 500 Index (SPX) and its tracking ETF the S&P Deposit Receipts (NYSE: SPY) had solid rallies on Thursday, October 29, completely erasing the previous day's almost 2% losses.
A solid gain is always bullish, but there are reasons to be very careful here.
Typically the stock market corrects in waves of three. The correction lows on Wednesday would only be a single wave down. If ...