Touching 9457 intra-day
June 9, 2006
The ‘’Friday Show'’, massive intra-day swinging , down to 9,457 a six month low, to 10,014 . A whopping 557 point swing. This resulted in huge spreads between the high and low of various stocks. The market is on a shaky wicket as there is no news on the near horizon to pull it up past 10,500. Going short is the fastest way to make money at the moment and it looks like 9,400 could well come again, and a possiblity of a 9k index break. While all stocks look attractive here, the market doesn’t seem to hold its pullback highs.
Banks and cements are fucked. Oil stocks are getting a vicious bashing with lows in OGDC, POL, PPL and PSO of 122.75, 323, 201.5 and 281.5 respectively. Only SNGP seems to be holding up closing at 115.5 , a price more likely to be seen at an 11k index. Vaseline sales are booming and some are buying gallon jars. As the new change in CVT rates will come into play on July 1st, more panic might insue.
The market closed at 9,849.83 just above the 200 dma which is 9,818
