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On AMEX - KRY sp recovering from the news. seemingly stable. Thinking volume may be around 3M'ish today. News always trumps the charts, so at this point the KRY charts are skewed (yes, skewed, not screwed). It currently appears that the massive selling is over. However, this stabilization is typical of trading after a large selloff, just as in a big pop in sp where profit taking happens and slows the pop. After a big dump, cost averagers and new spec players give a little pop or support. I have read the posts of phone conversations with RF and RM. It seems that some of the statements made by them could easily be made into a "Pep Talk PR" for shareholders that does not really reveal anything more than what is going on. Something with RF's quote about "...not being a fatal shot..." along with affirmation that the Chinese have not run for the hills would be refreshing and further stabilize sp. If this is in the works, it could be the reason for today's support - but do not bank on it. Make no bonz about it, the PR IS Bearish. There have been some Bullish spins made. However, be extremely cautious. Trust - But, Verify.
S&P happens to be showing a down day at the moment, while the Dow was up before dipping a touch. This Market is a freight train, pulling hard. Lots of choices out there. Be diversified and do all the DD on any stock play you choose.
Gold took a big jump yesterday at NYMEX open. Held fairly stabile overnight. GLD techs show the bounce with sp approaching the 50 day MA of about 134. Again, may be cost avg or new spec players. This needs to bust through 136 to become overall Bullish. If not, the profit taking may continue.
