Market Observations 09/05/08
Resistance: DJIA 11700 (1000DMA); SP500 1300 (1100DMA); NAZ 2400 (700DMA); NDX 1885 (500DMA)
Support: DJIA 11100 (1400DMA); SP500 1215 (1500DMA); NAZ 2215 (1300DMA); NDX 1730 (1000DMA)
SP500 1237 gap down 1233, dive to 1217, rise to close 1242. NDX 1775, gap down 1758, dive to 1740, rise to 1778, close 1768.
FRI: Personal Income & Spending shows: incomes declined; largest spending drop in 4 years; largest price inflation in 17 years.
TUE: manufacturing in contraction for the 9th straight month, 16th straight decline in private residential construction spending as the main economic engine is off 40% Yoy.
WEN: double digit Yoy auto sales declines. Fed Beige Book references slowing economy & weakening mortgage demand.
THU: durable productivity falling, under the covers, ISM services still contracting.
Today, total unemployment surged to 10.7% with negative job growth for the 8th straight month.
Last SAT: 10th straight NYSE session <1 million says this headfake has no legs. Next week, schools back in, vacation ends, and the gloves come off.
And boy did they ever... Stronger dollar, crude under $107, no help... don't be fooled by today's 45 point SP500 dead cat bounce...
SP500 came within 17 pts of July 1200 low, NDX made another low, both free falling through critical support towards March lows.
Keep your eyes peeled to the sky, it will be a name brand or two...
as the Treasury should announce a Phony FNMA & Fraudy FHLMC bailout this weekend.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 11100 (1400DMA); SP500 1215 (1500DMA); NAZ 2215 (1300DMA); NDX 1730 (1000DMA)
SP500 1237 gap down 1233, dive to 1217, rise to close 1242. NDX 1775, gap down 1758, dive to 1740, rise to 1778, close 1768.
FRI: Personal Income & Spending shows: incomes declined; largest spending drop in 4 years; largest price inflation in 17 years.
TUE: manufacturing in contraction for the 9th straight month, 16th straight decline in private residential construction spending as the main economic engine is off 40% Yoy.
WEN: double digit Yoy auto sales declines. Fed Beige Book references slowing economy & weakening mortgage demand.
THU: durable productivity falling, under the covers, ISM services still contracting.
Today, total unemployment surged to 10.7% with negative job growth for the 8th straight month.
Last SAT: 10th straight NYSE session <1 million says this headfake has no legs. Next week, schools back in, vacation ends, and the gloves come off.
And boy did they ever... Stronger dollar, crude under $107, no help... don't be fooled by today's 45 point SP500 dead cat bounce...
SP500 came within 17 pts of July 1200 low, NDX made another low, both free falling through critical support towards March lows.
Keep your eyes peeled to the sky, it will be a name brand or two...
as the Treasury should announce a Phony FNMA & Fraudy FHLMC bailout this weekend.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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