Market Wrap - Week Ending Friday 27th July 2007

On Thursday night we saw the US market drop around 2%, I heard some brokers were so surprised there was panic selling. Others claimed they sat up all night watching the US market. At ABN AMRO Morgan’s it came as no surprise, we’ve been expecting this for a month or so.

Is this the start of the long anticipated correction? Perhaps. We have had two false starts to date so maybe we’ll be lucky the third time around!

If this is indeed the correction we had to have then the index will break 6,000 to the downside. The only question in my mind is how far below 6,000 the market will drop and the time frame associated with such a move. I’ll leave that question to future email alerts.

For the full detailed story read The Closing Bell by Daniel.