Market Observations 04/06/08
Resistance: DJIA 12620 (450DMA); SP500 1380 (600DMA); NAZ 2400 (600DMA); NDX 1875 (400DMA)
Support: DJIA 12225 (600DMA); SP500 1315 (900DMA); NAZ 2265 (950DMA); NDX 1760 (700DMA)
MON 03/24: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400.
FRI 03/28: there may be one more pop to the upside in the tank. Quarter & month end inflows better provide a Tues pop, RIMM on Wen, or else.
MON 03/31: We expect... an irrational bounce to SP500 1380 & NDX 1885. TUES 04/01: Sometime tomorrow, a retrace starts.
THU 04/03: Watch Friday Non Farms Payrolls, a negative number greater than 50K will kick this dead man walkin down another flight of stairs.
FRI 04/04: Re: SP500 1380 & NDX 1885... Close enough on both today to warrant a pullback.
Friday, both numbers got close enough. BOE & ECB rate cuts with rosy report from GE could send us back to test 1400.
However, we sense something very nasty coming out of the woodshed, and it could be a major name brand.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12225 (600DMA); SP500 1315 (900DMA); NAZ 2265 (950DMA); NDX 1760 (700DMA)
MON 03/24: Hitting resistance at 1350, perhaps a dip then surge to test major resistance at 1400.
FRI 03/28: there may be one more pop to the upside in the tank. Quarter & month end inflows better provide a Tues pop, RIMM on Wen, or else.
MON 03/31: We expect... an irrational bounce to SP500 1380 & NDX 1885. TUES 04/01: Sometime tomorrow, a retrace starts.
THU 04/03: Watch Friday Non Farms Payrolls, a negative number greater than 50K will kick this dead man walkin down another flight of stairs.
FRI 04/04: Re: SP500 1380 & NDX 1885... Close enough on both today to warrant a pullback.
Friday, both numbers got close enough. BOE & ECB rate cuts with rosy report from GE could send us back to test 1400.
However, we sense something very nasty coming out of the woodshed, and it could be a major name brand.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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