The low in the S&P 500 was November 20, 2008.
752.44
Since then we have seen higher highs and lower lows.
8 more trading days and the bull will be two months old.
Trading patterns are different.
Remember when the market would go down 300 points for days at a time and then go up 900? That was a rally in a bear market.
Now we are seeing the opposite.
The market goes up gradually and then there is a big selloff.
Yesterday Jan. 7 was a big selloff. These are bull market selloffs.
The trend is up. The year should be up. The bull should have legs.
Is it safe again to buy the dips?
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4 comments:
1/10/09
Things are looking very bearish today.
Another bear scare today
And we get down to 840 in the S&P 500 which is correction territory.
Will it hold there?
Will it bounce off of 840?
Or is this a new bear?
Will we go down and make a new low?
I favor the bounce.
Bur I have been wrong so many times.
It held so far.
Above 840
That is a good sign
Today was very scary
But the S&P 500 held up and closed above 843.
This could be a higher low on the way to higher hihs.
In my reckoning the bull is running still.
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