Oil companies will take it on the chin today.
More Quotes from Tom Hougaard:
We could see a little bit of a relief bounce if the (economic) numbers are good. Also, today and Monday are the last days of the month, so it wouldn't surprise me if some funds throw a little bit of money at the market to boost some key names ahead of the 31st of October.Tom Hougaard
...we are holding the flat line, but we are vulnerable to the downside. A lot of people are getting worried about the market...we are long overdue for a decent correction.
Tom Hougaard
The market is on fire and with sentiment so bullish there is every reason to expect more upside, ... There are clearly many traders who are betting on an autumn rally to take the Dow to 10,000, and they positioned themselves in the market yesterday.
Tom Hougaard
...this kind of sell-off is bound to affect the market for some time and we may very well see the market trade lower over the coming weeks or at least trade sideways without making new highs.
Tom Hougaard
The Dow needs to gain pace above 10,500 to stand a chance of attracting fresh speculative money. Our clients have made a significant shift and are far more interested in trading UK and European stocks rather than chasing non-performing stocks.
Tom Hougaard
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