Thursday, October 16, 2008

New York up 4% on late day rally

After a day of huge price swings, US markets finished strongly higher as the Dow closed at 8979 and the S&P at 946. This came on the heels of a generally down day on other world markets as the BSE closed near last week's lows and ended down 2% at 10,581 and the Nifty at 3269.

Yesterday I had wondered if the Dow might see 9000 today and as luck would have it, I wasn't far off. But the operative word there is luck. As previously suggested, Asian markets are likely to follow suit Friday as Moon is in its sign of exaltation in aspect to benefic Venus. I would expect a move up to 3400 here. But Friday in the US may be another matter altogether. That's partially because the Moon-Venus aspect perfects before the markets open so its influence will be diminishing by 9.30. The Sun's ingress into Libra tomorrow is another possible negative influence since its dispositor Venus is in malefic Scorpio. Overall, I'm not certain but the energy seems more negative here. Monday looks decidedly worse so we may be on track to retest the Oct 10 lows (8000/840) at that time.