Market Observations 01/18/08
Resistance: DJIA 12350 (500DMA); SP500 1345 (700DMA); NAZ 2385 (600DMA); NDX 1885 (350DMA)
Support: DJIA 12000 (600DMA); SP500 1300 (900DMA); NAZ 2340 (700DMA); NDX 1840 (400DMA)
SP500 open 1333 rise to 1350, plunge to 1312, bounce to close 1325. NDX gap up 1842 to 1862, pop to 1876, plunge to 1829, bounce to close 1844.
NDX sitting on 400DMA 1840, 500DMA 1800 awaits. SP500 sitting at 750DMA 1335, 900DMA 1300 awaits.
Fitch's downgrade of #2 guarantor Ambac could trigger a dislocation in the municipal bond market and another chain reaction of write-downs in the financial sector.
If we don't get a dead cat bounce around DJIA 12K, SP500 1275 is straight ahead and we are in freefall mode.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
Support: DJIA 12000 (600DMA); SP500 1300 (900DMA); NAZ 2340 (700DMA); NDX 1840 (400DMA)
SP500 open 1333 rise to 1350, plunge to 1312, bounce to close 1325. NDX gap up 1842 to 1862, pop to 1876, plunge to 1829, bounce to close 1844.
NDX sitting on 400DMA 1840, 500DMA 1800 awaits. SP500 sitting at 750DMA 1335, 900DMA 1300 awaits.
Fitch's downgrade of #2 guarantor Ambac could trigger a dislocation in the municipal bond market and another chain reaction of write-downs in the financial sector.
If we don't get a dead cat bounce around DJIA 12K, SP500 1275 is straight ahead and we are in freefall mode.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not!
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