Market Observations 12/05/08
Resistance: DJIA 8970 (3850DMA); SP500 950 (4500DMA); NAZ 1710 (4500DMA);NDX 1235 (4750DMA)
Support: DJIA 7480 (5100DMA); SP500 735 (6500DMA); NAZ 1295 (6500DMA); NDX 1020 (6000DMA)
SP500 845, dip to 818, rise to close 876. NDX 1127, gap down 1113, dip to 1096, rise to close 1178.
FRI: 5 day rally? What in the hell are these ebullient idiots smoking? Get ready as a major reality check is coming soon.
MON: reality check the 4th worst point decline in history; SP500 -80. ISM Index Nov 36.2; the lowest in 26 yrs. The US recession began in Dec 07; NDX at 976 by Mon.
TUE: semiconductor equipment market to decline 28% in 2008 and 21% in 2009. Yoy auto sales GM -41%; Ford -30%; Chrysler -47%; Toyota -34%; Honda -32%.
WEN: Nov ADP private nonfarm employment -250K Nov ISM services, 37.3 lowest level since 1997.
THU: dismal same store sales; Factory orders -5.1%; Continuing unemployment claims 4.09 million , the highest in 26 yrs.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. Federal Reserve bought $5 billion in Fannie; Freddie and FHBL debt.
All this "good news" took the market sideways. Where does 976 NDX come in? Later rather than sooner, let this Santa Chumps rally play out.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 7480 (5100DMA); SP500 735 (6500DMA); NAZ 1295 (6500DMA); NDX 1020 (6000DMA)
SP500 845, dip to 818, rise to close 876. NDX 1127, gap down 1113, dip to 1096, rise to close 1178.
FRI: 5 day rally? What in the hell are these ebullient idiots smoking? Get ready as a major reality check is coming soon.
MON: reality check the 4th worst point decline in history; SP500 -80. ISM Index Nov 36.2; the lowest in 26 yrs. The US recession began in Dec 07; NDX at 976 by Mon.
TUE: semiconductor equipment market to decline 28% in 2008 and 21% in 2009. Yoy auto sales GM -41%; Ford -30%; Chrysler -47%; Toyota -34%; Honda -32%.
WEN: Nov ADP private nonfarm employment -250K Nov ISM services, 37.3 lowest level since 1997.
THU: dismal same store sales; Factory orders -5.1%; Continuing unemployment claims 4.09 million , the highest in 26 yrs.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. Federal Reserve bought $5 billion in Fannie; Freddie and FHBL debt.
All this "good news" took the market sideways. Where does 976 NDX come in? Later rather than sooner, let this Santa Chumps rally play out.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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