Market Observations 01/04/08
Resistance: DJIA 13000 (300DMA); SP500 1445 (350DMA); NAZ 2555 (300DMA); NDX 2030 (150DMA)
Support: DJIA 12800 (350DMA); SP500 1410 (450DMA); NAZ 2510 (350DMA); NDX 1950 (250DMA)
12/31: SP500 1445 & NDX 2030 are in clear view. Our expectations have been met in short order.
Today, NDX gap down 2051 to 2025, plunge to 1963. SP500 gap down 1447 to 1444, plunge to 1411.
SP500 fell from 350DMA, through 400DMA 1425, to sit on 450DMA 1410. NDX fell from 100DMA 2050 to sit on 250DMA 1950.
Bed Bath & Beyond met estimates, but guided its Q4 earnings guidance below expectations.
Intel downgraded to neutral from overweight by JP Morgan as Semis got porked for 12% in the last 6 trading days. So much for tech immunity from what is to come.
Thurs, Nikkei -1.7%, Hang Seng -2.4% & Europe got clubbed. Last night, Nikkei pounded 4%...
as yen strenghtened on further liquidation of leveraged speculative carry trade positions.
12/28: SP500 1360 & NDX 1910 could be in sight. Before a dead cat bounce, we see NDX 1900-1910 and SP500 1370 in clear sight.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Support: DJIA 12800 (350DMA); SP500 1410 (450DMA); NAZ 2510 (350DMA); NDX 1950 (250DMA)
12/31: SP500 1445 & NDX 2030 are in clear view. Our expectations have been met in short order.
Today, NDX gap down 2051 to 2025, plunge to 1963. SP500 gap down 1447 to 1444, plunge to 1411.
SP500 fell from 350DMA, through 400DMA 1425, to sit on 450DMA 1410. NDX fell from 100DMA 2050 to sit on 250DMA 1950.
Bed Bath & Beyond met estimates, but guided its Q4 earnings guidance below expectations.
Intel downgraded to neutral from overweight by JP Morgan as Semis got porked for 12% in the last 6 trading days. So much for tech immunity from what is to come.
Thurs, Nikkei -1.7%, Hang Seng -2.4% & Europe got clubbed. Last night, Nikkei pounded 4%...
as yen strenghtened on further liquidation of leveraged speculative carry trade positions.
12/28: SP500 1360 & NDX 1910 could be in sight. Before a dead cat bounce, we see NDX 1900-1910 and SP500 1370 in clear sight.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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