Market Observations 02/29/08
Resistance: DJIA 12750 (400DMA); SP500 1390 (550DMA); NAZ 2350 (700DMA); NDX 1810 (500DMA)
Support: DJIA 12150 (600DMA); SP500 1320 (850DMA); NAZ 2250 (950DMA); NDX 1715 (850DMA)
SP500 1367 gap down 1364, plunge to 1325, close 1330. NDX 1794 gap down 1776, pop to 1778, collapse to 1740, close 1745.
PG had climbed back from 01/23 low $62.74 to $67.92, but relapsed the last 3 days.
Remember the last three weeks, SP500 1325-50 & NDX 1750-1775, like a magnet.
Biggest CRB index gain since 1973, oil over $102; gold all time high; dollar all time low. A drop below 1325 SP500 spells BIG trouble.
The rope may have just snapped as the aroma of hemp that investors have been smokin is heavy.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 12150 (600DMA); SP500 1320 (850DMA); NAZ 2250 (950DMA); NDX 1715 (850DMA)
SP500 1367 gap down 1364, plunge to 1325, close 1330. NDX 1794 gap down 1776, pop to 1778, collapse to 1740, close 1745.
PG had climbed back from 01/23 low $62.74 to $67.92, but relapsed the last 3 days.
Remember the last three weeks, SP500 1325-50 & NDX 1750-1775, like a magnet.
Biggest CRB index gain since 1973, oil over $102; gold all time high; dollar all time low. A drop below 1325 SP500 spells BIG trouble.
The rope may have just snapped as the aroma of hemp that investors have been smokin is heavy.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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