Stock Market
All comments and Stock Market Ananlysis are made by Guy Brumley. Guy has been trading the Stock Market daily since 1992.
Trading, evaluating stock prices and predictions
Stock Market Commentary 9-24-2009
The Dow dropped 81 points in the last hour and a half on Wednesday. This brings back memories of the old days. Ten years ago, when big money made its moves, it would begin approximately 60-90 minutes before the close. This was the basis for the quote “Amateurs (Dumb Money) buy at the open, and Professionals (Smart Money) buy the close.”
I am looking at the high of 9917 as being the high for this rally. We have been losing momentum lately, and the psychological 10000 number may be the new line in the sand.
The earnings for third quarter will show how weak the economy still is, and may see the beginning of a six to twelve month period of congestion for the market.
In the meantime, the Chinese market will continue to grow.
There are a number of stocks and ETF’s that should out perform our market.
The ETF’s are the same I mentioned a month ago, EWZ, EWH, and FXI.
Also, continue to look for entry point into the gold ETF, GLD.
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