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Daily Stock Picks Newsletter from October 15th, 2008

Can someone shut Bernanke up for a while?  Every time this guy speaks, he rattles the markets.  He should be teaching economics at Harvard if he needs to give speeches.  He came on the air at 954am Pacific time when the Dow was at 9,020 and after shook the world's confidence, again, and the market proceeded to drop an additional 450 points when it was already down 183 points.

Mitt Romney spoke on the radio waves talking about how the Obama will get us into a Depression if he is elected, not just a recession.  The "D" word was mentioned during market hours and that probably didn't help either.

Obviously, this is vicious market behavior and most of the stocks I talked about last week came close to Friday's low, after running up 40-124% in a few days.  With a little more drop tomorrow, I'm looking for some sort of tradable reversal in stocks that will start an upward movement in stocks in general but heading back up at a slower pace than what we saw on Friday, Monday and Tuesday's gap up.

If we see stocks drop lower than Friday's low at 7,885, then look out below because a whole new wave of selling would occur if that happened.  I'm still treating Friday's low as the low for some months with that huge trading volume on the 8th consecutive down way.  At least, the market should rebound before that 7,885 but we are in a very difficult situation with the stock market-economy-banking-credit problem and there are so many factors pressuring it.  We go back to 1933 since we have had this kind of drop in stock prices in a week.  And that was a banking crisis as well.

Look, I know how emotionally challenging it is to trade this market.  It is the intraday traders that are doing well, not position trades that I had suggested last week but after this market calms down, we should see a decent run back up over a longer period of time that lasts for weeks, not 2 ½ days!

This selling is way over done and is irrational fear (vs. Greenspan's "irrational exuberance" comment in late 1998.  We are getting overwhelmed by the redemptions by mutual funds and it probably the retail investors that are unloading at this point--the typical human behavior that is so predictable and that is to do the worst thing at the worst time possible.  I've made more than a great living at forecasting human group behavior and how it affects stock prices (bullshort model).

Let's take a look at some stock charts on the video recording and see what I am looking for tomorrow.

Have a great day and I'll talk to you tomorrow.

Mitch King

www.TradeStocksAmerica.com

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