Dow Jones Close 10/22/08 - Dow Jones Analysis - Vix

The Dow Jones Industrial Average took a beating today, 10/22/08, closing at 8520, down 513 points. It is important to note that todays sell-off didn't really have anything to do with the credit markets but rather a lack of buyers and redemptions from hegde funds and mutual funds. Funds are still being forced to liquidate their holdings in order to raise cash. There are also fears of how bad this recession will be.

Dow Jones Technical Analysis:

The Dow Jones DJIA broke a key technical support level of 8700 today after a big fight earlier in the day. The fact that we broke this key support level will bring additional selling pressure from technical traders. Meanwhile...if we take out 8700 on the upside we will move a lot higher. Your next levels are 8,000 and the intrday low of 7773 we hit on Friday October 10th.

Volatility Index ( VIX )

The Vix spiked again today hitting over 72 at one point....can you believe the VIX is higher then the price of Oil? I can't!! Watch this Vix closely as we topped out at around 78 last week...after several calm days the volatility seems to be coming back.

Earnings I will be Watching Tonight:
Amazon.com ( AMZN )
Baidu.com ( BIDU )