First Post-Sandy Trading Not So "Sandy"
The first day of post-Sandy trading went without a hitch with surprisingly healthy volume in volatile intraday trading that closed flat. The Dow closed merely 10 points lower by the end of the day.
The east coast begins its first day of fighting against the disaster left behind by Hurricane Sandy today with large areas still out of power and people busy volunteering for post-disaster aid. As such, it isn't unusual to see that today's market being a rather uncommitted one. We also saw investors rushing back into equities today, depressing bond yields across the board even though the market didn't go deep into the red post-disaster like some people have predicted.
The Dow is also a mere 100 points from its expected support level of about 12,900 for this intermediate correction. As such, there is actually more upside potential than downside potential and every weakness should be an opportunity to preposition for the resuming of the bull trend.
We continue to wish residents of the east coast well and wish them strength in rebuilding their homes.
The east coast begins its first day of fighting against the disaster left behind by Hurricane Sandy today with large areas still out of power and people busy volunteering for post-disaster aid. As such, it isn't unusual to see that today's market being a rather uncommitted one. We also saw investors rushing back into equities today, depressing bond yields across the board even though the market didn't go deep into the red post-disaster like some people have predicted.
The Dow is also a mere 100 points from its expected support level of about 12,900 for this intermediate correction. As such, there is actually more upside potential than downside potential and every weakness should be an opportunity to preposition for the resuming of the bull trend.
We continue to wish residents of the east coast well and wish them strength in rebuilding their homes.
posted by Jason Ng at 5:29 PM
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