Dow Down 777: Unprecedented markets.
Tuesday, September 30th, 2008Apologies for not posting any Blogs of late. The current market conditions have made for a busy time at FuturesTechs towers!
I’ve said a few things on today’s reports that don’t usually appear in our comments. Things like this from the Bund report:
“I was around in 1987, and 1992, and September 11th 2001. These were all similarly seismic events, and the markets are still here today, so remember that while the markets (as well as the hyperbole and vitriol) are flying around in the coming days”.
I’ve also said the following in the DAX and FTSE reports respectively:
“We are obviously in capitulation phase now, but rather perversely this may be a good thing for the markets, as we need to get this out of the way. We are in the eye of the storm, but the storm will pass”.
“…it is often when things seem at their most cataclysmic that bottoms are made…”
This is not a bottom picking exercise, as we will wait for a rally through important resistance levels before calling a bottom. But I am saying that it’s exactly this sort of price action you can see at a low, and sometimes market needs to do this by itself.
I will try and post a few more blogs over the coming days as we all attempt to navigate our way through the mess.
In the meantime be careful, and remember that these are times when the only sensible thing to do is reduce your size and make sure you don;t give all your hard earned money away.
Cheers,
Clive.