A consolidation day, after bear-shorts ravished markets yesterday, as noted in premarket that markets are oversold after massacre on 2/10 with an excuse of Geithner initiative. DOW closing below 8000 is a concern and bearish, however, intraday is oversold and showing a sign of recovery. We have a hopeful news going into close that we now have a stimulus package making a progress even though some itemized subprograms need to be further refined and agreed upon between the parties. The sell-off after Geithner speech clearly was overdone and markets were consolidating from the damage.
Markets traded to lower price channel supports: Qs 29.73 and SPX 822 -- DOW 7852 and Nasdaq 1509 which are key support areas. Intraday on major markets is oversold, and markets are trading near at pivotal supports. Short hedge fund pushing down markets at the pivotal supports is not a good news.
$COMPX 1530.50 5.77 0.38%
$INDU 7939.53 50.65 0.64%
$INX 833.74 6.58 0.80%
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