Market Observations 08/08/08
Resistance: DJIA 11750 (950DMA); SP500 1300 (1100DMA); NAZ 2420 (600DMA); NDX 1935 (350DMA)
Support: DJIA 11275 (1300DMA); SP500 1250 (1350DMA); NAZ 2350 (800DMA); NDX 1875 (500DMA)
SP500 1266, dip 1262, rise to close 1297. NDX 1880, dip 1877, rise to close 1926.
WEN: Driving force: Europe & Japan confirm grim global stagflation = Dollar continues to firm vs Yen & Euro =
Commodities continue pullback = positions are liquidated and shifted to equities.
This week, largest Euro decline in eight years, dollar up BIG TIME.
$115 per barrel oil week-to-date decline of 8%. Crude prices are now 28% off their 52-week high, but still 40% above their 52-week low.
CRB commodities index plunging below 400 level; SP500 & NDX put in new high's since 07/15 low.
Will we see $1.20 per Euro and $60 crude? We maintain, this "chump pump" or headfake ends Aug 18th +/- 2 days.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 11275 (1300DMA); SP500 1250 (1350DMA); NAZ 2350 (800DMA); NDX 1875 (500DMA)
SP500 1266, dip 1262, rise to close 1297. NDX 1880, dip 1877, rise to close 1926.
WEN: Driving force: Europe & Japan confirm grim global stagflation = Dollar continues to firm vs Yen & Euro =
Commodities continue pullback = positions are liquidated and shifted to equities.
This week, largest Euro decline in eight years, dollar up BIG TIME.
$115 per barrel oil week-to-date decline of 8%. Crude prices are now 28% off their 52-week high, but still 40% above their 52-week low.
CRB commodities index plunging below 400 level; SP500 & NDX put in new high's since 07/15 low.
Will we see $1.20 per Euro and $60 crude? We maintain, this "chump pump" or headfake ends Aug 18th +/- 2 days.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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