Tuesday, October 21, 2008

US markets slide 3% on earnings worries

Stocks in New York dropped today as investors began to chew over some lower earnings forecasts. The Dow closed at 9033 while the S&P finished at 955. Earlier in the day, Asian stocks surged higher as the NSE Nifty gained over 3% and stood as 3234 at the end of trading.

That "negative tinge" I mentioned yesterday completely overwhelmed whatever optimism there was that the banking system was now on more solid footing. I still think we have at least one more up day in the market this week, and Wednesday in the US (Thursday in Asia) is the best bet, as the Moon is in Ashlesha. At this point, Thursday seems like a toss-up.