Stock markets tumbled around the world on Friday on deepening concern the global economic slump will crimp corporate earnings. In fact, it's difficult to have any words for this situation right now. The financial crisis is clearly devastating the profits of industries from banking to construction, and the profit forecasts is not promising for all of them. The credit turmoil spread, is threatening the economic growth everywhere. Lenders worldwide have had more than $660 billion of writedowns and credit losses from a credit freeze that a succession of government bailout plans has yet to unlock. U.S. lawmakers are considering a second fiscal stimulus and Italy, Germany and France are looking at tax breaks to shield the economy from the financial market fallout. There are so many measures taking in place that no one cares about it, the confidence is the current financial system has gone. The problem is now so big, that honestly I don’t know when this will stop. The fears of a deep recession, the restriction of credit, and the consequent decline in profits of the companies or in other cases, the bankruptcy of them, can push the markets to historic low levels. It’s hard to predict and difficult to admit, but it can become a reality. See below more trade Ideas for the week head : Chart courtesy of stockcharts ( click to enlarge ) AMZN - The stock is still trading in a downward trend on the daily chart unable to push higher above the near-term resistance levels. Important resistance is at $52.40 and a daily close above $55 will confirm a short-term rise towards $60-$61. Positive divergence is noticed in MACD which makes me believe that we could see a short-term bullish reversal. From my point of view, it is better to be cautiously bearish from current levels and instead look for buying opportunities on dips. Supports, at 43.39 & 43.31. Resistances, at 52.32, 55 & 57.84 cents respectively. Chart courtesy of stockcharts ( click to enlarge ) KLAC's stock breaks down Friday and makes a new 52-week low. From the technical chart, both MACD and KD show bearish sign. The stock is still trading below the 50 day and 200 day moving average, also a bearish sign. In the short term, I see no reason to buy the stock. Only a close above $20.62 would impart positive momentum. Chart courtesy of stockcharts ( click to enlarge ) CIEN - After a weak trend in the first days of the week, the stock recovered ground in the last trading session. The recent recovery appears to be just a correction to the earlier fall. The stock is expected to rule weak and a drop to $7-$7.50 range appears likely. A close below $8 would confirm the negative outlook and also enhance the chances of a drop to $7-$7.50 range. Hold with a stop-loss at $8 and use a trailing stop-loss in the event of an upward move. Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples. That's All. See you on Monday !!! AC