Early Take
So far this morning, stocks have followed through to the downside in the wake of yesterday’s broad selloff. The indices find themselves down in the neighborhood of 2 percent, with A/D lines in the red and nearly all of the groups in negative territory as well, led down by the commodity areas.
Treasuries are mixed, with yields lower on the short end but higher on the long end. Energy prices are lower, the dollar index is flattish, gold and silver are slightly higher.
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She is going down hard! But looking at the DOW’s chart for the day, it is amazingly linear. A nice straight line. So much for that rally that I thought was in the cards.
Comment by EDN — 11/6/2008 @ 12:49 pm
I was expecting a post election rally myself. Oh well. I’m still over 90% in cash, so even if the bottom drops out, I’ll be in good position. Still … glad I didn’t buy more this week!
Comment by G-Man — 11/6/2008 @ 2:13 pm
Bob Hoye has been talking about a November retest of the lows. Looks like he’s probably going to be right.
Comment by BMB — 11/6/2008 @ 2:27 pm