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Monday, September 29, 2008 

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

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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