It was another gruelling day for Wall Street as recession fears are back. And the perception that the bailout plan is not the best solution to the current credit crisis. The DJIA failed to rally Wednesday as it fell 733.38 points. It is definitely a roller coaster ride. One day, it’s a strong rally. The next day, it’s a big decline.

The local market continued to track world indices as it opened at 2173.59, 64.82 points below the previous close. It never went up from there. The index went lower to 2115.89 and finally closed at 2122.37. Volume continues to be above the P1.5 billion mark, as P2.3 billion worth of 2 billion shares were traded. There were P823 million worth were cross transactions. A net of P600 million worth of foreign investments went out the market yesterday.

Technically, it is the second day the market went down and another gap has formed. The black candle is another bearish indication and there is no lead on whether a reversal will occur. The gap also indicates that fear is prevailing in the market as the economic problem is going global.

Can the big black candle last October 10 be covered? I think it really can. The way the market is doing right now? Yes, it is possible that we can go below 2000 in no time before the market can settle down. For now, the best strategy is to be a wise investor and go for stocks that are fundamentally strong.