Despite holding the 50 DMA yesterday, today's morning gap down ended bull hopes. However the 6/29 gap range has now been filled on the NASDAQ and we did hold the rising channel, so perhaps there is room for atleast a short break on the selling before we ultimately move down to the 200 DMA? We shall see.
Just how ridiculous is the Europe debacle? Goldman Sachs released a list of all the European rescue program acronyms. Head over to Zero Hedge for the read. No wonder no one can ever remember which one is which...
Lastly I have some updated looks at both Ford (F) and General Motors (GM). Not the best time to be holding shares of these companies as the average age of cars on the road here in the US is over 12 years now (I don't recall the exact number) and the European market continues to soften up.
No recap tomorrow as usual so have a great Friday, stay frosty out there, and I will see you back here on Monday!