Market Observations 12/13/08
Resistance: DJIA 8980 (3850DMA); SP500 950 (4500DMA); NAZ 1710 (4500DMA); NDX 1240 (4750DMA)
Support: DJIA 7490 (5100DMA); SP500 735 (6500DMA); NAZ 1295 (6500DMA); NDX 1045 (5800DMA)
SP500 873, dip to 851, rise to 883, close 879. NDX 1180, gap down 1155, rise to 1211, close 1206.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. let this Santa Chumps rally play out.
MON: Democrats send $15 billion auto rescue plan to the White House & Senate. LA Times owner Tribune Co. filed BK and forced to sell the Cubs.
TUE: 6 semi companies gave downside revenue guidance. Consumer technology retail sales declined for the 1st time ever during Black Friday -8.4%.
WEN: GMAC said if it is unable to successfully convert to a bank holding company it would have a material adverse effect on GMAC's business.
THU: Initial claims +58K hitting 573K; a 26 yr high. BofA cuts 35K jobs. GE tangible shareholder equity $13.7 billion; need to refinance $40 billion of debt by the end of 2009.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases another $3 billion of debt from Freddie; Fannie & FHLB.
Deteriorating economy: Retail sales -1.8%; ex gas & auto +0.3%; Yoy -7.4%; Oct. truck tonnage -3%; -6.3% off June peak; lowest in 5 yrs.
PPI -2.2%, 4th straight decline; deflation? Core still rising +0.1%; inventories -0.6%; ratio to sales highest in 5 yrs.
A fade since NDX 1251, Santa could pull his bootstraps up to 1263, then his suspenders snap and 976 will come into view very very fast.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 7490 (5100DMA); SP500 735 (6500DMA); NAZ 1295 (6500DMA); NDX 1045 (5800DMA)
SP500 873, dip to 851, rise to 883, close 879. NDX 1180, gap down 1155, rise to 1211, close 1206.
FRI: Unemployment 6.7%; highest since 92; -533K jobs in Nov. the largest decline since 74. let this Santa Chumps rally play out.
MON: Democrats send $15 billion auto rescue plan to the White House & Senate. LA Times owner Tribune Co. filed BK and forced to sell the Cubs.
TUE: 6 semi companies gave downside revenue guidance. Consumer technology retail sales declined for the 1st time ever during Black Friday -8.4%.
WEN: GMAC said if it is unable to successfully convert to a bank holding company it would have a material adverse effect on GMAC's business.
THU: Initial claims +58K hitting 573K; a 26 yr high. BofA cuts 35K jobs. GE tangible shareholder equity $13.7 billion; need to refinance $40 billion of debt by the end of 2009.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases another $3 billion of debt from Freddie; Fannie & FHLB.
Deteriorating economy: Retail sales -1.8%; ex gas & auto +0.3%; Yoy -7.4%; Oct. truck tonnage -3%; -6.3% off June peak; lowest in 5 yrs.
PPI -2.2%, 4th straight decline; deflation? Core still rising +0.1%; inventories -0.6%; ratio to sales highest in 5 yrs.
A fade since NDX 1251, Santa could pull his bootstraps up to 1263, then his suspenders snap and 976 will come into view very very fast.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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