DOW: That was terrible...

 

The trading error in an organization is the culprit it seems...

 

http://blogs.barrons.com/techtraderdaily/2010/05/06/cnbc-says-trader-error-may-have-triggered-huge-stock-plunge/

 

http://www.entertainmentandshowbiz.com/proctor-and-gamble-png-possibility-of-erroneous-trade-and-fowl-play-2010050750460

Even though, I had expected an intraday rally today, I had warned DOW Drop to 9860 this week. I had written it in my Market Next Week,. Read below.

http://masterstrokesnifty.blogspot.com/search?updated-max=2010-05-03T15%3A32%3A00%2B05%3A30&max-results=4

 

What I wrote is " On the weekly chart of DOW, we can see that a clear bearish engulfing pattern (Inset B) has formed, which could trigger an avalanche in Global markets. Dow if continue its slide, will have an intermediate target of 10578 and if that is breached it can reach up to 10000-9860. That is; a near 10% drop in the near vicinity"

 

However, I had, on seeing the Euro recover, I expected an intraday rally. That confirmation on the hourly scale was short lived and reversed suddenly.

 

However the intraday pullback is a good sign probably. This we need to confirm

 

Best Regards