The market sold down on the news and Dow closed down 157 points on Friday. There are still lots of fear in the market as indicated by CBOE Volatility Index. The market has moved from uncertainty of whether the bailout package will be approved to whether the bailout package can relieve the pain investors are experiencing.
The turmoil in the US market has caused pain to Hong Kong market as well. The phase chart is still showing a bearish bias.
The Hang Seng Index moved into Bearish mode on 26 May 08 and has stayed in Bearish phase for 90 trading days. It pays to trade with the trend.
No comments:
Post a Comment