Market Observations 02/01/08
Resistance: DJIA 12900 (350DMA); SP500 1410 (450DMA); NAZ 2470 (400DMA); NDX 1890 (350DMA)
Support: DJIA 12200 (550DMA); SP500 1325 (800DMA); NAZ 2300 (800DMA); NDX 1780 (600DMA)
Last THU: "NDX 1850 & SP500 1375 will provide a stearn test." NAZ & NDX crossed above 01/25 high, these numbers are now support.
SP500 gap up 1378 to 1381, rise to 1396, drop to 1375, rise to close 1395. NDX gap up 1841 to 1846, rise to 1864, drop to 1826, rise to close 1855.
THU: "A break through SP500 1375 could carry to SP500 1411, then?"
Debt rating downgrades or monoline insurer problems could torpedoe this market quickly.
Rate cut punch drunk market could rise till 6th, then? European banks start reporting.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12200 (550DMA); SP500 1325 (800DMA); NAZ 2300 (800DMA); NDX 1780 (600DMA)
Last THU: "NDX 1850 & SP500 1375 will provide a stearn test." NAZ & NDX crossed above 01/25 high, these numbers are now support.
SP500 gap up 1378 to 1381, rise to 1396, drop to 1375, rise to close 1395. NDX gap up 1841 to 1846, rise to 1864, drop to 1826, rise to close 1855.
THU: "A break through SP500 1375 could carry to SP500 1411, then?"
Debt rating downgrades or monoline insurer problems could torpedoe this market quickly.
Rate cut punch drunk market could rise till 6th, then? European banks start reporting.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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