Wang’s Happy Trading

from MyHappyTrading.com by HappyTrading! ™ Sign up for FREE membership!

Much anticipation was on the House of Representatives to pass the rescue plan.  The $700 billion rescue plan was voted down by 228 to 205.  The market took a huge dive!  Big point movers include:  AAPL -$22.98; GOOG -$50.04; BIDU -$29.55; CME -$$79; FSLR -$26.82; ISRG -$23.61; RTP -$44.5.

The Dow recorded its largest single-day drop ever, down 777.68 points!!  SPX fell 106.59 points and Nasdaq tumbled nearly 200 points!

VIX went above 48 today and closed at 46.72!  GLD went up +3.38%.  Double digit losses include:  OIH (oil services) -11.73%; XME (metals and mining) -13.71%; XLE (energy) -11.89%; USO (oil) -10.58%; MOO (agriculture) -13.79%.  FXI (Chinese ADRs) lost 14.58%.

SPX

SPX fell 106.59 points to close at 1106.42.  The daily MAs and MACD went down.

Nasdaq

Nasdaq tumbled nearly 200 points to close at 1983.73.  It closed below 2000!  Its daily MAs and MACD pushed lower.

With this big tumble, the major market indices got their new leg down.  It’s difficult to know what Congress will do now.  Many people still seem to think that something will get passed this week.  But, as each day goes by, investors grow more fearful.  With a little push, VIX could top 50!  We should see some bounces tomorrow.  The question is how long will they last without a cohesive rescue plan.

Good night and HappyTrading! ™