Wednesday, October 29, 2008
Last Minute Reversal In The Dow!
The Dow Jones Industrial Average had a change of heart reversing nearly 400 points in the last several minutes of trading finishing at 8990.96 down 74 points for the day. Just 2 hours after the Fed cut rates by a half a point. The rate cut was already factored in. Then what spooked the market in the last few minutes of trading? Many traders on the floor of the NYSE think that it was comments coming from GE's CEO Jeff Imelt However after yesterdays run up of 10% it could be bigger players unloading some positions. Who knows? One thing is for sure the market seems to have a lot of elasticity to it lately.