Market Observations 06/13/08
Resistance: DJIA 12620 (500DMA); SP500 1400 (550DMA); NAZ 2520 (350DMA); NDX 1960 (250DMA)
Support: DJIA 12125 (700DMA); SP500 1330 (900DMA); NAZ 2385 (700DMA); NDX 1910 (400DMA)
SP500 open 1341, rise to close 1360. NDX 1924 gap up to open 1938, dip to 1328, rise to close 1968.
WEN: Two weeks ago we speculated on SP500 1350-60 & NDX 1910 range... This weeks NDX low 1909; SP500 1331.
WEN: What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255? We may have started it at SP500 1330.
Its an upside down world: Commodities up; oil & gold down; dollar up; bonds down; stocks sideways.
Headline reads; stocks rally as inflation fears abate... under the sheets...
double digit stagflation raging with oil hitting new all time highs; just in time...
for an emasculated economy on the verge of collapse; which can draw no more credit from its deflating real estate bubble, upon which 80% of growth was based.
What's next? Can it get any worse? Oh yes it can my little droogies, and it will...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12125 (700DMA); SP500 1330 (900DMA); NAZ 2385 (700DMA); NDX 1910 (400DMA)
SP500 open 1341, rise to close 1360. NDX 1924 gap up to open 1938, dip to 1328, rise to close 1968.
WEN: Two weeks ago we speculated on SP500 1350-60 & NDX 1910 range... This weeks NDX low 1909; SP500 1331.
WEN: What next? Another irrational bounce before we retest this years low NDX 1670 & SP500 1255? We may have started it at SP500 1330.
Its an upside down world: Commodities up; oil & gold down; dollar up; bonds down; stocks sideways.
Headline reads; stocks rally as inflation fears abate... under the sheets...
double digit stagflation raging with oil hitting new all time highs; just in time...
for an emasculated economy on the verge of collapse; which can draw no more credit from its deflating real estate bubble, upon which 80% of growth was based.
What's next? Can it get any worse? Oh yes it can my little droogies, and it will...
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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