There is no doubt that the recent rally is fueled by a lot of short covering from bears thinking the New Orleans debacle would cause jitters on Wall Street.
More Quotes from Tom Hougaard:
The slide in the Nikkei just goes to show how deeply overbought these markets are. Players have been caught up in the euphoria. Now it's time to face reality.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
...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
We are obviously expecting to a see a sea of red this morning. The selling has been relentless through the night and currently the Dow is being called down about 100 points.
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
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