Market Observations 03/14/08
Resistance: DJIA 12200 (600DMA); SP500 1325 (850DMA); NAZ 2280 (900DMA); NDX 1760 (700DMA)
Support: DJIA 11750 (800DMA); SP500 1270 (1100DMA); NAZ 2180 (1200DMA); NDX 1670 (1000DMA)
WEN: New low for $, under 100 yen; 1.56 per €; gold touches $1K; oil $110.
THU: 2 straight SP500 sub 1320 closes. Coming soon: March 18th Fed cut disappointment and something nasty comes out of the woodshed.
And did it ever, the largest rescue ever of a US securties firm. Bear Stearns will now report its latest quarterly earnings results on Monday.
SP500 open 1316, slam into resistance 1321, plunge to support 1274, close 1288.
NDX 1750 gap up open 1757, slam into resistance 1762, plunge to support 1696, bounce to close 1713.
The VIX Volatility Index up 17%, closing at a 5 year high, indicating that traders expect increased volatility.
The current level of 32.08 suggests a up or down movement of 9.3% in the next 30 days.
Awaiting: Bear Stearns, Housing Starts, Building Permits, PPI, NY Empire, Philly Fed.
Can't a guy get a break? Nah. The Fed is cutting Tues. Anything less than 75 bps disappoints. Worse yet, further cuts beget further declines.
Who's Next? WaMu? Citigroup? or Lehman Brothers... stock fell 15% today, 40% this year...Bro's obtained an unsecured 3 year, $2 billion credit line from 40 banks,
as the investment bank tried to blunt the stock's worst drop in almost eight years and assure investors the firm isn't short on cash. Alrighty then.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 11750 (800DMA); SP500 1270 (1100DMA); NAZ 2180 (1200DMA); NDX 1670 (1000DMA)
WEN: New low for $, under 100 yen; 1.56 per €; gold touches $1K; oil $110.
THU: 2 straight SP500 sub 1320 closes. Coming soon: March 18th Fed cut disappointment and something nasty comes out of the woodshed.
And did it ever, the largest rescue ever of a US securties firm. Bear Stearns will now report its latest quarterly earnings results on Monday.
SP500 open 1316, slam into resistance 1321, plunge to support 1274, close 1288.
NDX 1750 gap up open 1757, slam into resistance 1762, plunge to support 1696, bounce to close 1713.
The VIX Volatility Index up 17%, closing at a 5 year high, indicating that traders expect increased volatility.
The current level of 32.08 suggests a up or down movement of 9.3% in the next 30 days.
Awaiting: Bear Stearns, Housing Starts, Building Permits, PPI, NY Empire, Philly Fed.
Can't a guy get a break? Nah. The Fed is cutting Tues. Anything less than 75 bps disappoints. Worse yet, further cuts beget further declines.
Who's Next? WaMu? Citigroup? or Lehman Brothers... stock fell 15% today, 40% this year...Bro's obtained an unsecured 3 year, $2 billion credit line from 40 banks,
as the investment bank tried to blunt the stock's worst drop in almost eight years and assure investors the firm isn't short on cash. Alrighty then.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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