Market Observations 12/19/08
Resistance: DJIA 8985 (3850DMA); SP500 955 (4500DMA); NAZ 1710 (4500DMA);NDX 1240 (4750DMA)
Support: DJIA 7495 (5100DMA); SP500 735 (6500DMA); NAZ 1295 (6500DMA); NDX 1045 (5800DMA)
SP500 open 887, rise 905, dip 883, close 888. NDX 1205, gap up 1219, dip 1210, rise 1235, close 1217.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases $3 billion of debt from Freddie; Fannie & FHLB.
MON: NY Empire State Index Dec -25.8; NAHB/WF Housing Index 9 all time low; Industrial Production Nov -0.8%; assembly rate lowest in 18 yrs.
TUE: Fed funds cut 75 bps 0.25%; Goldman Sachs principal investments net loss Q4 $3.6 billion. Record declines in Building Permits -15.6%; Housing Starts -19%.
WEN: Morgan Stanley -$2.2 billion Q4 loss; Regulators increase oversight of Citigroup due to financial status concerns.
THU: GE credit outlook lowered to negative. Continuing claims 4.38M as more benefits expire. Philadelphia Fed Dec -32.9 vs -39.3
FRI: BOJ cut to 0.1%; Detroit gets $17 billion bailout. Crude intraday low $32.4;
S&P lowered ratings and revised outlooks for Goldman Sachs; Wells Fargo; JPMorgan Chase; and Bank of America.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Support: DJIA 7495 (5100DMA); SP500 735 (6500DMA); NAZ 1295 (6500DMA); NDX 1045 (5800DMA)
SP500 open 887, rise 905, dip 883, close 888. NDX 1205, gap up 1219, dip 1210, rise 1235, close 1217.
FRI: Senate rejects automotive bailout; Fed may throw TARP over automakers. Fed purchases $3 billion of debt from Freddie; Fannie & FHLB.
MON: NY Empire State Index Dec -25.8; NAHB/WF Housing Index 9 all time low; Industrial Production Nov -0.8%; assembly rate lowest in 18 yrs.
TUE: Fed funds cut 75 bps 0.25%; Goldman Sachs principal investments net loss Q4 $3.6 billion. Record declines in Building Permits -15.6%; Housing Starts -19%.
WEN: Morgan Stanley -$2.2 billion Q4 loss; Regulators increase oversight of Citigroup due to financial status concerns.
THU: GE credit outlook lowered to negative. Continuing claims 4.38M as more benefits expire. Philadelphia Fed Dec -32.9 vs -39.3
FRI: BOJ cut to 0.1%; Detroit gets $17 billion bailout. Crude intraday low $32.4;
S&P lowered ratings and revised outlooks for Goldman Sachs; Wells Fargo; JPMorgan Chase; and Bank of America.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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