Monday, September 15, 2008

Technical Picture - Global Markets Sell-Off as Lehman, AIG Stoke Wall St. Crisis

It was sad to watch all those Lehman employees leaving the building with boxes of personal belongings in tow, last night on CNBC.

The financial sector headlines (LEH, MER, BAC, AIG) drubbed global markets, with the DOW down 500+ points and the S&P taking out 52 week lows as volatility spiked.

The NASDAQ has yet to take out the 52 week lows, but momentum is building as prices ready to test those levels.

We are in the oversold zone, but we can stay oversold for a very long time as the July section of the NAMO chart highlights.

Economic Calendar: CPI in pre-market and FOMC policy statement at 2:15.

GS reports before the open. HPQ has announced a 7% workforce layoff as it integrates its operations with EDS.

Eminis continue to tick lower after hours as Asian markets print red -NIKKEI currently off by 500+ pts.


Bubs said...

It was a sad scene today, I have a friend and cousin that were both laid off.

Jamie said...


I hear ya, it's devastating when it hits home.