Panic Sell-Off On Wall Street
Hi Folks !!! Another ugly day for longs. The financial-rescue plan intended to restore confidence in the U.S. banking system collapsed in partisan wrangling as the House of Representatives voted down the proposal backed by the Bush administration and congressional leaders of both parties. Markets plunged as the House rejected, by a vote of 228 to 205, the $700 billion measure to authorize the biggest government intervention in the markets since the Great Depression. Let's see how Asian and European markets will react tomorrow. Please see below some trade Ideas.
Chart courtesy of stockcharts ( click to enlarge )GOOG - Trendline support has been broken today on the daily chart at $406.38 with the next target at $360. I would exit longs at this time. An aggressive trader may want to short GOOG here. Technically, the stock is in a Bearish mode with MACD below signal line and the price below both 50 and 200 day moving averages.
Chart courtesy of stockcharts ( click to enlarge )The daily chart of TRN shows horizontal support has been broken below. Next support is now at $24.30.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
That's All. See you tomorrow !!!
AC
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
That's All. See you tomorrow !!!
AC
