Financial Markets

For the last 3 months the US markets have been trading in a range - S&P500 futures between apporximately 1060 and 820. Absent any good news, there is a better than even probability that we may visit new lows in the next 6 months.

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A historic US election overshadowed all market news.

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Although the market has made lower lows during the last two week, it appears that much fewer sellers are left these levels. Shorter-term technical analysts would argue that a tradeable bottom has been established and the Crash of 2008 is over.
In addition to the major decline in the financials(XLF), precipitated by the sub-prime real estate [...]

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The S&P500 futures posted a major low around 9:15 CST on Friday October 10, 2008 of 837.00. The alltime high was 1586.75, almost exactly a year ago October 11, 2007. The low is 52% of the high - a sobering fact !

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A major down move this week . . . key global players meet this weekend to act . .  stay tuned !
Berlusconi Says Leaders May Close World’s Markets (Update1) 
By Steve Scherer
Oct. 10 (Bloomberg) — Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules [...]

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The day started with a large gapdown and proceeded straight down . . .  the low was a critical level and the rally in the afternoon suggest we may have a tradeable bottom . .  next few days will be critical.

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A volatile week . . . with Congress working on the Pualson Plan, expected to be completed Sunday September 28, 2008. Stay tuned for more continued volatility.

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Yesterday LEH filed for bankruptcy and Merrill merged with BofA; today AIG is still looking for liquidity. Markets are on edge . . . and very volatile.

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A large gapdown in the S&P Futures on Sunday, led to a rally in the morning and a steep sell-off in the afternoon.

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