The Oncoming DepressionAs credit card lenders reduce their risk exposure by closing credit card accounts and reducing lines of credit, we will start seeing a large reduction in consumer spending. This is affecting not only... + Get the Full Story
Thursday's Market commentary
The "Overnight Hockey stick" patterns were again correct for an
up market yesterday with substantial gains for the Indexes. Volume is
contracting fast.
The upside continuation today should see ;
DJ-30 Resistance at 11,626, and 11,709 with support starting at 11,470
and 11,340.
QQQQ resistance at 47.00 and 4721, with support at 46.07 and 47.85
Sp-500 resistance is 1285.50 and 11290.50 with support at 1275.66 and
1270.
Look for most of the market's movement in the first two hours and
last hour again today.
TODAY'S MARKET, Friday, August 29, 2008.
About 90% of Thursday's market move was in the first 3 hours, with
the rest of the day treading water. Our continuation move was
substantial for all indexes.
Volume was surprisingly better for most of the indexes.
Our DJ-30 target of 11,609 upside target was off by 6 points.
Expect the same today with most of the market move in the first 2 hours.
Indicators late yesterday and post market suggested an early market sell
off for the indexes.
Our YM, [DJ Emini] call for a post market close drop was a good one.
Today look for :
DJ support at 11,682, and 11,630
QQQQ support 46.96 and 46.72, and 46.30
Sp-500 support is at 1296, and 1291
IWM supports at 74.17 and 73.73
This market bottom call we have made this past July is NOT THE BOTTOM,
in my opinion, but a oversold bounce in a down market that has plenty of
road to travel in a down move yet to come. This bear market should
challenge some 2000 bear market lows.
GOVERNMENT ECONOMIC REPORTS
Aug 29 8:30 AM Personal Income
<http://biz.yahoo.com/c/terms/income.html> Jul - -0.3% -0.1% 0.1% -
Aug 29 8:30 AM Personal Spending Jul - 0.3% 0.3% 0.6% -
Aug 29 9:45 AM Chicago PMI <http://biz.yahoo.com/c/terms/napms.html>
Aug - 50.5 49.9 50.8 -
Aug 29 10:00 AM Mich Sentiment-Rev. Aug - 63.0 62.3 NA
SECTOR MOVERS FROM THURSDAY'S MARKET
Surety Title [moves up to #1 ] ABK, TGIC, MBI, SCA, MTG
Mortgage Investment [ moves down to #2] FRE, FNM, SNFCA, HF
Resorts and Casinos, NYNY, LVS, MGM, RIV
MOBO OVER THE 50 STOCKS
120 STOCKS IN THE CATIGORY TODAY
SLH
AHT
MGM
LUK
MHO
STOCKS < $2KRY
ACPW
BPG
IMH
TGIC
EGT
SCA
SNAP BACKS
FLS [day 2]
MDRX
PG
IDEV
VTG
BEAR BREAK OF 50 SMA AND MOBO
CYBX
WSM
CN
VRX
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