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The Bears Will Love This...

  1. Dave R

    37,087 posts.
    LONDON (Reuters) - Wall Street looked set for another fall on Wednesday with the market waiting on the Beige book for a glimmer of improving economic conditions, while dealers said European trading in U.S. shares was negligible.

    The Federal Reserve issues the Beige book, a summary of economic conditions, at 2 p.m. EDT.

    "The sentiment is terrible and the perception that an economic recovery is underway has well and truly evaporated in the last few days," said Tom Hougaard of Financial Spreads.

    "There is a glitter of hope for the bulls if they can come in and support the market today, but for the time being buyers are fleeing and sitting on their hands on the sideline," said Hougaard.

    The June futures contract for the blue chip Dow Jones index and the tech-laden Nasdaq Composite were both marked lower on Wednesday, indicating a weak start on Wall Street and an extension of Tuesday's slide when the Dow fell over 120 points and the Nasdaq lost over two percent.

    "The pattern we are seeing on the charts right now reminds us of the waterfall slide in the Dow in 1902 and 1962, on this very day exactly. The cycles suggest the same pattern is about to happen in 2002. If that is the case equities could lose another 15 percent from here by the end of the month," said Hougaard.

    From Yahoo Finance today.

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