Intraday Reversal

Thursday, October 11, 2007 | 02:43 PM

Markets have reversed, from up over 115 on the Dow to flat to down 50. There's still 90 minutes to go until the close, so anything can happen.

A couple of likely suspects as to the cause:

-Crude Oil Rises Above $83 After Unexpected U.S. Inventory Drop (Bloomberg)

-JPMorgan revises downwards estimates of Chinese high flyer BIDU evenue (WSJ MarketBeat)

-Big firm downgrade on Tech sector

-ECB governor Weber stated that the ECB may need to raise rates to a "restrictive" level (Briefing)

Sentiment has gotten somewhat bulIlish, and I'm not so sure any of these things are the root cause -- or will stick -- but thats what I have been hearing . . .


>

UPDATE:  October 12, 5:23am

Here's a chart showing Baidu leading the stock S&P 500 Index lower on Thursday:

Bidu_spx_1011


Chart courtesy of M. Ramsey King Securities, Inc.   

Thursday, October 11, 2007 | 02:43 PM | Permalink | Comments (60) | TrackBack (0)
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Comments

Dow looses 100 pts in 20 mins... hhhmmm you think there are some nervous people out there? Now was that just a real nice stop run or a sign of things to come? Only time will tell...this was a GREAT day for me.. but I only day trade, so either way I dont really care, except down is always nicer, Fear must be a stronger motivator than greed.

Posted by: Brian B. | Oct 11, 2007 2:49:56 PM

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