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The Commodities Corner
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New Lows for the Dow − Where is the Bottom?
Fri, Mar 6 2009, 10:42 GMT
by Andrei Pehar
The Dow Jones Industrial Average has taken another beating the past two months, dragged down primarily by some of its component companies, including: General Motors, Bank of America, Citigroup, and JP Morgan Chase.
This non-stop slide is part of the reason for the US Dollar’s new-found strength, as the sell-off in assets created by market uncertainty and also funds’ need to fulfill redemptions creates a big demand for cash. And currencies respond to supply and demand just like any other commodity.
So where is the US market likely to find bottom?
The next key support level is waiting at 6556. What happens when we get there will be critical. If this support level holds, we could
potentially see a bounce back up to 7030.
If not (and if it instead re-tests as resistance), then the coming weeks
could take us down as far as 5788.
Published on Fri, Mar 6 2009, 10:43 GMT
Archive
- Where Now, Mr. Dow?
Published On Tue, Oct 20 2009, 15:00 GMT - Gold Hits Key Level
Published On Mon, Sep 14 2009, 14:18 GMT - What's Next for Gold
Published On Thu, Jul 2 2009, 15:26 GMT - New Lows for the Dow - Where is the Bottom?
Published On Fri, Mar 6 2009, 10:42 GMT - Crude Oil: A Key Level to Watch
Published On Thu, Nov 20 2008, 01:43 GMT
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