Market Observations 02/15/08
Resistance: DJIA 12550 (450DMA); SP500 1375 (600DMA); NAZ 2375 (650DMA); NDX 1825 (450DMA)
Support: DJIA 12250 (550DMA); SP500 1350 (700DMA); NAZ 2300 (850DMA); NDX 1750 (700DMA)
WEN: "SP500 support 1350, NDX 1800. Grandma, are we out of the woods yet? Not quite." SP500 1350 NDX 1750, both at 700 DMA
SP500 open 1348 drop to 1338, rise to close 1350. NDX gap down 1787 to 1776, rise to 1787, fall to 1767, close 1780
Next week more Eurobanks report, housing index, housing starts, CPI, Philly Fed, just like this week, all bad news. Will the market care?
Can't stop this... the Fed continues to cut, yet business credit is contracting, the muni & LBO bond market choking...
and mortgage costs keep rising, fixed 30 conforming 6.125%. When will "intelligent" investors catch on?
Are 110% lower profits and future write downs really priced in? Not yet...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12250 (550DMA); SP500 1350 (700DMA); NAZ 2300 (850DMA); NDX 1750 (700DMA)
WEN: "SP500 support 1350, NDX 1800. Grandma, are we out of the woods yet? Not quite." SP500 1350 NDX 1750, both at 700 DMA
SP500 open 1348 drop to 1338, rise to close 1350. NDX gap down 1787 to 1776, rise to 1787, fall to 1767, close 1780
Next week more Eurobanks report, housing index, housing starts, CPI, Philly Fed, just like this week, all bad news. Will the market care?
Can't stop this... the Fed continues to cut, yet business credit is contracting, the muni & LBO bond market choking...
and mortgage costs keep rising, fixed 30 conforming 6.125%. When will "intelligent" investors catch on?
Are 110% lower profits and future write downs really priced in? Not yet...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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