Thursday, January 22, 2009

Stocks move lower -- again

Wall St continued to be plagued by bearishness amidst more bad earnings and no new initiatives from the incoming Obama administration. The Dow fell one percent to 8122 and the S&P ended the day at 827. In Mumbai, stocks were largely flat, providing little relief for the negative week. The Nifty was slightly higher at 2713, while the Sensex closed at 8813.

I had thought we'd see more of a rally this week, but the markets seem to have other plans. Tomorrow sees the Sun-Jupiter conjunction come exact, but there's no guarantee that an up day is in store. Even if there is some buying tomorrow, there isn't much upward momentum here. As ever, caution is the watchword for the coming weeks as we will likely move lower.