The hunt for J.Lo on Wall Street
October 10, 2008 by Tisa Silver
Filed under Finance
Did anyone see Jennifer Lopez at the NYSE today? I know a lot of people who were looking for her!
J.Lo is actually a Wall Street term for what looks like a rounding bottom in a pattern of stock prices. The pattern suggests a shift from bearish to bullish. Unfortunately, there were no signs of J.Lo at the NYSE, or any other exchange for that matter.
Most of the day’s talk circled around the market’s bottom and if we have reached it yet. Asian and European markets tanked, setting the stage for another decline here in the states. But, for a brief spell this morning, the Dow went into positive territory and the screams of ecstatic traders could be heard from outside of the NYSE.
Too bad the euphoria was short lived. The Dow swung over 1,000 points and ended the day 128 points lower. It was a down day but that kind of loss is minor compared to damage done from Monday to Thursday. The Dow’s close was 500+ points above the day’s low of 7,882.51. That tells me some bulls are beginning to test the waters again.
Unfortunately, I don’t think we have reached the bottom yet. It’s not too far off but, when we do reach it I don’t expected to see anything round. I hope to see a quick rebound to reasonable territory.
So, in regards to both J.Lo sightings…sorry :(
