Wednesday, April 22, 2009

Banking fears sink stocks

After being up most of the day, stocks in New York fell sharply at the close as renewed fears over the banks took hold. The Dow ended the day at 7886 while the S&P closed at 843 after trading as high as 860 at midday. Meanwhile Indian stocks slumped for the third day in a row as the Nifty closed at 3330 and the Sensex at 10,817.

The expected early week Mars to Venus bearishness has largely come to pass, although I would have expected a little more strength today. Even if tomorrow sees some recovery in New York on the vestiges of the Mercury-Jupiter aspect, I think the outlook isn't very positive as we move into Monday's Mars-Ketu-Pluto alignment.