A Possible Reversal Signal on Friday 10-10-2008

After the worst week of the market in decades, the market seems to have reached it recent bottom as the reversal signal seems appear on Friday. The Dow Jones was once down under 8000, sharply down 700 point in early trading but ended down 128 point, it had once even been positive for a moment, it was more than 1000 point swing during the day. The Nasdaq was up 4.39 closed at 1649.51 and S&P500 was down 10.7 closed at 899.22.
EEV shows a dark cloud on the chart and other major indies do show a possible reversal pattern for the next week to come.
The gold dropped $27.5 is worth noted, usually when the market drops this much, the gold will be a safe place to be, but the price of gold in the past week didn't show its strength.

The market trend is still in the bear market but it is showing a possible short term technical rebound as the market was oversold in past week.


Today's trade:
Bought FNM $0.85 (closed $1.08)
Bought SIMO $3.7 (closed $3.48)
Bought NVDA $6.7 (closed $6.96)
Bought GOOG$332 (closed $330.06)
Bought SPY $88 (closed $89.6)
Bought QQQQ $31 (closed $31.42)

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