AXXel Knutson of TradingWeapon Tries for Another Market Bottom

Oct. 8, 2008 - PRLog -- [Warren, NJ  AXXEL KNUTSON CALLS THIS THE BOTTOM.   We are off just under 9,500 from our “bottom call” of two days ago and since then we have continued to see additional liquidity enter the marketplace and a global rate cut very similar to the 50 basis point rate cut announced this morning.

When this market turns, no one will be able to get on board with anything close to current prices.  The possibility of 1,000 point moves are a very real possibility and I would not be surprised in the least to see multiples of that when the reversal does finally come be it here or slightly lower.  The Fed has supplied massive amounts of capital into the system and that along with the European banking system will turn the tide of the credit logjam.  The Fed has never lost a battle and I do not believe this will be that time.

Dow Jones Industrial Average: 9,562.87 off 762.51. And for the NASDAQ Composite:  1785.00 off 165.64
Of course anyone predicting a market bottom probably should be sent to the regional nut house, yet it falls on certain of us to do exactly that if we are wrong take our lumps and put of with the ridicule that will surely come.  Yes, in my over three decades of market watching I have found that bad news, and we have VERY bad news, increasing trading volume, I do wish it were heavier but considering the length of the decline we do not need massive downside volume and decreasing price.  We surely have decreasing price.

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AXXel's TradingWeapon.com is an Office of Supervisory Juristicion clearing business via Cantella & Co., Inc. - a correspondent of J. P Morgan Chase Securities Corp. AXXel handles investment of pension/profit-sharing & 401K plans & individual accounts.