Friday, October 17, 2008

NY stocks fall at the close

It seems that even Warren Buffett can't save this market. After the billionaire investor (or perhaps philanthropist?) announced he was buying US stocks, the markets valiantly attempted to rally but ended the day down once again. The Dow lost 127 points and ended the day at 8852 while the S&P finished at 940. Indian markets once again got hammered and declined 6% as the Nifty closed at 3074 while the Sensex closed below 10,000 for the first time since June 2006.

Today's ingress of the Sun into Libra, its sign of debilitation, has certainly not changed investor sentiment. In fact, I would argue it is a sign that sentiment will get worse in the short term, particularly as Mars comes under the aspect of Saturn over the next two weeks. But more immediately, Monday is looking quite negative and we could see a sudden retest of 8000/840 then, or perhaps carrying on into Tuesday.