Reality Checked

A lot of things are broken today, treadline, support level, and no doubt a few broke hearts as well. But hopefully, our bank accounts remain intact.

The instantanous gratification of wall street get a reality check today. After a candy giving, costum showing halloween party, wall street woke up facing the same problems that have plagued the market since this summer, only this time, the bull\'s life line is taken away.

It was quite puzzling to say the least how market reacted to the rate cut yesterday. Normally, the motto buy at rumor, sell at news is adhered faithfully by the market participatents, on the contrary, yesterday\'s news of 25 bps cut prompted even more buying instead. So, it is reasonable to say that today\'s selling should have happend yesterday, the fact that it only happend today only make the selling looked worse, instead of down 100 points, Dow plunged more than 300 points. Indeed, the bulls have a severe buyer\'s remose..

But not all are lost, msft iched higher, intc still looks good. pot looks good too. Nasdaq was down but volumn lags, so, hopefully, Tech could provide some support to the market.

Maybe today\'s selling was just knee jerking reaction, after one night sleep, maybe the market will calm down and rationality returns.

Also, tomorrow\'s job report become crucial, instead of crying help, this time however, we need a strong job showing. if we have a really strong showing, it could reenforce the belief that the Credit crunch only limited in the housing sector, and rest of the economy is still huming along and consumers are still spending.... the consense is calling 80k new jobs, if latest trend holds, we may have a positive surprise..

No doubt, there are stress in the economy, so, just need be careful. there are good stuff worth buying, just be patient, you may get them in a better price in a short few weeks ...