At the company level, earnings misses and disappointing news from key parts of the market threaten to keep stocks in the red. Wall Street darling Research In Motion missed earnings expectations, while its struggling rival Palm saw sales plummet 26 percent. But General Motors, beset by tanking sales of trucks and SUVs, might take the prize: Goldman Sachs urged investors to sell the struggling auto giant, and GM shares are at their lowest level in more than 30 years.
Still, all the bad news may include some signs of a bottom. Covered Bridge Tactical's Tower says stocks could hit bottom over the next few trading days, but he adds that there's little reason to hope for a big rebound this year. More than 10 percent of all New York Stock Exchange stocks made new 52-week lows on Thursday. That same thing happened on Tuesday. That sort of market behavior often means a market bottom within the next seven trading days. Investor sentiment is also just about as bad as it can be.
"There's just not a single bullish person around anymore," Tower says. "That's the kind of sentiment that occurs at market lows. We've reached a level where investors are very discouraged."
uovzt gcmrq of AL @ Jul 23, 2008 12:58:17 PM
IZLEE of CA @ Jul 03, 2008 18:25:27 PM
Jim Allen of TX @ Jul 01, 2008 01:20:07 AM