{"id":16711,"date":"2011-11-25T13:22:56","date_gmt":"2011-11-25T18:22:56","guid":{"rendered":"http:\/\/www.thedisciplinedinvestor.com\/blog\/?p=16711"},"modified":"2016-09-20T20:55:11","modified_gmt":"2016-09-21T00:55:11","slug":"that-was-an-ugly-week-returns-from-around-the-world","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2011\/11\/25\/that-was-an-ugly-week-returns-from-around-the-world\/","title":{"rendered":"That Was an Ugly Week – Returns From Around the World"},"content":{"rendered":"

They are saying that this was the worst Thanksgiving week in history. That may well be. But even if there wasn’t a holiday this was still a turkey week for markets.<\/p>\n

Now word is that Greece is looking to a 75% haircut and negotiating directly with creditors. Belgium was just downgraded today and Portugal yesterday.<\/p>\n

There is just so much bad news that investors can take before they throw up their hands and take their finger off of the buy button.<\/p>\n

What started out looking like a day filled with green, turned out to be ugly all around. Financial stocks led thew way, although it may be on the hopes that a resolution is soon coming for Europe. I am not holding my breath.<\/p>\n

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\nEarlier in the day, we pointed out that there was an oversold condition<\/strong><\/a> that could be forming and a bounce was possible. One of the caveats that was mentioned that any entry should initiated only if the S&P 500 crosses and can hang on above 1,167. While the intra-day did break through, there was \u00a0 a quick reversal off of a resistance point.<\/p>\n

In fact, I Tweeted this during the day with actual buy and sell points that were appearing.<\/p>\n

Follow @andrewhorowitz<\/a>