Tuesday, July 24, 2007

Time to Load Up?

After the TSX Index dropping 400 points today, is this a buying opportunity or the early days of a major correction?

1 Year Chart:


According to Roma Luciw, "The TSX tumbled 400.17 points or 2.75 per cent to 14,068.16, its biggest one day drop since the big crash of 1987. But in those days, the Toronto index stood at about 3,200."

From today's chart, there was no real bounce back up leading me to think that there may be more to come on the downside. Almost all the stocks on my watch list took a major pounding today with some charts breaking down completely. It will be interesting to see how the market reacts tomorrow.

For future reference, the HBP 60 Bear+ ETF (HXD-T) was up 5.7% today.

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