Stocks and Share Trading - Time to Buy Stocks?Is it time to buy or sell stocks after the tremendous run-up in stock prices in October?
Looks like the 'old school chartist' may be right. Beware of Greeks bearing deebts springs to mind. Who wudda thunk the Greeks would decide to have a referendum ! Just what their game is no-one knows but it's hard to see how it can help the current eurozone crisis. Plus Berlusconi is furious at the French (Sarkozy giggling like a schoolgirl at a press conference didn't help with Italy's credibility). So the upshot is the 'old school chartist' said "take care" and he may be proved right.
The DOW fell by almost 300 points yesterday and is down another 240 so far today. The S+P is now back at 1225 in his video the old school chartist said to watch carefully if the S+P got up to around 1285, which it did. This could be a significant reversal point indicating another major downturn - check out his excellent video pointing out what the charts might be saying.
At the moment today the DOW is down 148 to 12,082 and the S+P is down 16 to 1268 - so watch the markets carefully before jumping in on one side or the other. After the recent run-up most people are expecting a pull-back adn that would only make sense but there may be a more significant drop, which is what the old school chartist is pointing to as a possibility.
On the fundamental level, the eurozone mess still isn't over, but they have given it another hefty kick down the road. The next worry could soon be Italy.