February 22, 2009- Market Summary
Details of the multi-billion dollar bailout package failed to impress investors as many are still trying to determine if this is the catalyst that will help reverse the strong downtrend. Concerns about potential nationalization of key financial institutions such as Bank of America (NYSE:BAC) and Citigroup(NYSE:C) added to the selling pressure. The chart of interest this week is of the Dow, which was beat below a key technical level of support. As you can see from the chart, the selling pressure sent the index below its November low, which will be used by proponents of Dow theory to suggest that this is the start of another leg lower. For further reading, see Dow Theory.
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