Looks Like A Short Term Bottom

January 23, 2008 at 1:20 pm  ·  Category: Market Commentary, Sentiment Analysis

After flirting with positive territory in the second to last hour, the Dow and S&P have surged into positive territory in the first 15 minutes of the final hour of trading (S&P 5 Day Chart).  In fact, we’ve seen an almost 4% move in the S&P in the last 2 1/2 hours – from 1270 to 1315.

I wouldn’t be surprised to see sentiment turn and more and more people feel comfortable buying stocks in the next day or two – as long as we don’t get any really bad news.

UPDATE (Wed 1/23, 12:30pm PST): The Nasdaq has surged into positive territory now as well, making a 100 point, almost 5% move, in the last 2 1/2 hours (Nasdaq 5 Day Chart).

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

Leave a Comment

Name required
E-mail required, won't be published
Web site