Posted on 10/29/2002 4:35:59 PM PST by rohry
Market WrapUp for the Week Week in Graphs Storm Watch Geopolitical News Energy Precious Metals Raw Materials Tuesday, October 29, 2002 Confidence Lost Energy shares such as Exxon Mobil Corp. and ChevronTexaco Corp. declined after BP Plc, Europes largest oil company, lowered production forecasts. Computer related stocks were dragged down by Cisco Systems Inc. amid concern a rebound in earnings will be delayed by a stalling economy. All three of the major indexes spent most of the day in the red with the Dow being down as much as 169 points during the session. However, before the day ended, Procter & Gamble was given all the credit for the turnaround in the Dow as they posted a 33% profit increase this afternoon. The results were attributed to increases in sales of many of P&Gs product lines along with additional restructuring savings. Without P&G the Dow would have finished down 22 points today. Before P&Gs announcement the market was telling us that the confidence numbers were something to be concerned with. The fading consumer confidence is an indication of a lack of confidence in the ability of this economy to grow and generate jobs, and if there are concerns about the economy, there is going to be doubts on corporate profitability. Financial Markets Volume totaled 1.42 billion on the NYSE and 1.56 billion on the Nasdaq Stock Market. Losers led winners by an 18 to 14 on the NYSE and 18 to 15 on the Nasdaq. Overseas Markets Japanese stocks fell, led by automakers, after Honda Motor Co. lowered its full-year profit forecast. The nation's second-largest carmaker had its biggest drop in four years. The Nikkei 225 Stock Average fell 0.6% to 8708.76. Treasury Markets Copyright © Scott Middleton |
Yes we did test my 7500 bottom as I said earlier, but the level was unsubstainable and the market shot up a remarkable 1000 points in the next few days. If that is the only time we go outside my predicted trading range for the year, I would say I did pretty well.
I hope you saved this one, because I was dead on.
Richard W.
Relax? I am having way much fun pulling up some of the gloom and doom stuff you have posted in the past. What ever happened to those 'How Low can it Go' posts? There is lots of classic stuff out there that needs to be recalled.
Go for it if that's what floats your boat.
Richard W.
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