Friday market close update – movement, moderation and moon cycles

It was a strange day in many ways. We had a limit down opening and a very moderate and smooth intraday trading (unexpectedly – no sell off) over the day with moderate volume. We closed the week in a weak mode though again deeply below Bollinger in weekly terms. That will produce a bounce at some point next week, likely with a rate cut Wednesday but since we have no real capitulation so far that will be just a temp bounce as far as I can tell now. It depends very much how Monday to Wednesday trades. It was funny for me, since I follow astrology, that today was the first time that I heard on TV floor traders speaking about an obscure 7th or 9th moon cycle, which have marked major lows in markets in 1929 as it did in 1987. True is that we get a new moon on Monday in Scorpio, which was obviously the case in the both October crashes, but I checked 1929 that was the 1st Nov. and did not end the decline – no idea what they mean. We are due for a bit more wild wild west until we have a rock solid bottom I am afraid to say – but we are getting closer, still 10% away though (likely).  

On Saturday I am traveling so there will be no updates.  I will do some on Sunday.  Have a great weekend.

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~ by behindthematrix on October 24, 2008.

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