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15th February 2008, 09:41 AM
The Dow Jones finished 175 points lower overnight after the US Fed chairman predicted a "sluggish" economy until the end of the year. After 3 strong days, investors were happy to cash in on profits. The news was not surprising to most so the decline is blamed on profit takers.
Being a late post this morning (damn work getting in the road again), the ASX dropped sharply this morning, by just over 100 points. It looks to be recovering currently. However the bad news isn't all over for the year yet. The ASX appears to be hovering around a level of 5500 - 5600. At this level it has been bouncing around for a week or so now. Some predict the level of support has a minimum of 4800 so there may be room to drop further in future times.
Just my 2 cents.
Being a late post this morning (damn work getting in the road again), the ASX dropped sharply this morning, by just over 100 points. It looks to be recovering currently. However the bad news isn't all over for the year yet. The ASX appears to be hovering around a level of 5500 - 5600. At this level it has been bouncing around for a week or so now. Some predict the level of support has a minimum of 4800 so there may be room to drop further in future times.
Just my 2 cents.