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Dow breaks below support – chart

The sharp sell-off over the past two days has resulted in the Dow breaking below its 3.5-year, upward sloping support trendline. 

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Chart of the Day
Friday, November 9, 2012
Friday, November 9, 2012

ALT TAG HEREAs a result of a host of concerns (looming fiscal cliff, European debt crisis, slowing Chinese economy, geopolitical issues, etc.), the Dow has pulled back from its post-financial crisis high of one month ago. For some perspective, today’s chart illustrates the overall trend of the stock market (as measured by the Dow) since 2003. As today’s chart illustrates, the post-financial crisis rally was especially sharp during its first two years. Since then, the rally slowed but continued to trade above support (green line) — until now.

This is an excerpt from Chart of the Day as it appeared on November 9, 2012. For updates or to read the current version of this post in its entirety, please click here.

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Pictured: (from left) President of Sunshine Insurance Brian Moodie; assistant general manager of Security and General Brian Self; general manager and director of Summit Insurance Timothy Ingraham; general manager of FG Insurance Agents and Brokers and chairman of the BGIA Howard Knowles; Minister Strachan; Royal Star Assurance vice president of Technical Operations Peter Muscroft; co-ordinator of the BGIA Roger Brown; chief risk officer for Colina Holdings Bahamas Ltd and BGIA deputy chairman Emmanuel Komolafe; and undersecretary at the Ministry Peter Deveaux Isaacs. (BIS Photo/Eric Rose)

The Bahamas and the Dominican Republic are considering establishing a joint business council with members of the private sector of both countries. The council is a proposal of Bahamian Financial Services Minister Ryan Pinder, who said a framework for a Memorandum of Understanding on the idea is expected to be completed by the end of this month.

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