Market Observations 04/19/08
Resistance: DJIA 12950 (350DMA); SP500 1405 (500DMA); NAZ 2415 (550DMA); NDX 1905 (350DMA)
Support: DJIA 12250 (600DMA); SP500 1330 (850DMA); NAZ 2310 (850DMA); NDX 1770 (700DMA)
SP500 1366, gap up open 1369, rise to 1396, fade to close 1390. NDX 1841 gap up open 1892, drop to 1879, rise to 1908, fade to close 1900.
MON: Tomorrow perhaps a bounce? with another WWW (WaMu) reporting? Got it and unexpectedly big.
TUES: Get ready for misses from #1S&L, #1 Chipster; & 3 of top 5 banks. Excepting Wells, they missed and all reported declining profits.
WEN: What is in the bong investors are toking on? It must be good.
THU: Mostly gloomy news; SP500 1300 & NDX 1775 could be on the horizon. We suspect soon.
SUN 04/11: Watch the flight to safety PG, when it dips, everything dips.
Starting 04/14 PG countertrended with a notable slip from 70 to 67. Usually a sign that a major market dip is in the offing.
More good news on the horizon... UK banks need $200 billion to restore credit market; Citigroup capital needs are persisting;
B of A may miss (bad Countrywide loans taking toll) ;
The Fed may be nearing a pause.
SUN 04/11: Current rebound since 01/23 has failed for the 3rd time at SP500 1385-1395.
If the market does not break through and clear this level... winter will here very early.
In an attempt to again reach the level, the market ignored gloomy economic news and dwindling profits.
We are sitting at the level SP500 1390 & NDX 1900.
Is the market is poised to break through and test the next major resistance lines SP500 1425 & 1455 & NDX 1950 & 2020?
Again, we smell a suckers rally and sense a downdraft coming.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12250 (600DMA); SP500 1330 (850DMA); NAZ 2310 (850DMA); NDX 1770 (700DMA)
SP500 1366, gap up open 1369, rise to 1396, fade to close 1390. NDX 1841 gap up open 1892, drop to 1879, rise to 1908, fade to close 1900.
MON: Tomorrow perhaps a bounce? with another WWW (WaMu) reporting? Got it and unexpectedly big.
TUES: Get ready for misses from #1S&L, #1 Chipster; & 3 of top 5 banks. Excepting Wells, they missed and all reported declining profits.
WEN: What is in the bong investors are toking on? It must be good.
THU: Mostly gloomy news; SP500 1300 & NDX 1775 could be on the horizon. We suspect soon.
SUN 04/11: Watch the flight to safety PG, when it dips, everything dips.
Starting 04/14 PG countertrended with a notable slip from 70 to 67. Usually a sign that a major market dip is in the offing.
More good news on the horizon... UK banks need $200 billion to restore credit market; Citigroup capital needs are persisting;
B of A may miss (bad Countrywide loans taking toll) ;
The Fed may be nearing a pause.
SUN 04/11: Current rebound since 01/23 has failed for the 3rd time at SP500 1385-1395.
If the market does not break through and clear this level... winter will here very early.
In an attempt to again reach the level, the market ignored gloomy economic news and dwindling profits.
We are sitting at the level SP500 1390 & NDX 1900.
Is the market is poised to break through and test the next major resistance lines SP500 1425 & 1455 & NDX 1950 & 2020?
Again, we smell a suckers rally and sense a downdraft coming.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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