Critical Levels

Posted by Bob Hoye - Comment by Richard Russell

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Richard Russell: Dow now only 734 points above the critical 10,000 level.  A brutal day, but the market is extremely oversold. If tomorrow Dow breaks 10,000 run for the hills, but if it holds 10,000 we could be in for a big rally.

Bob Hoye: In setting new lows, most stock exchanges in Europe and Asia are technically in bear markets. New York, London, Canada and Brazil are not there – yet. The August low for the S&P was 1100 and that is the level that will formally decide the bear. Violation of the August lows will do the same for the other indexes.