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
Wednesday's Market commentary
We got a split market between the DJ-30 and the QQQQ's yesterday.
Yesterday saw Indexes retest the lows of Monday, with market bounces
there.
Natural Gas, UNG made a good pop to the upside and should continue up
today.
NGAS, and CHK as well as other natural gas stocks moved on the up
signal.
Today we see up signals from our low market volume signals yesterday.
Per our "Live Chat" last night we are looking at up signals for
the Indexes in the morning from our overnight "Hockey Stick"
signals.
Unfortunately the volume continues to drop making stock volatility
greater as we go into the holiday weekend. It also makes our technicals
less reliable. Caution should be the watch word for the rest of the
week.
TODAY'S MARKET, THURSDAY, August 28, 2008.
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.
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 28 8:30 AM Chain Deflator-Prel. Q2 - 1.1% NA 1.1% -
Aug 28 8:30 AM GDP <http://biz.yahoo.com/c/terms/gdp.html> -Prel. Q2 -
2.8% 2.7% 1.9% -
Aug 28 8:30 AM Initial Claims <http://biz.yahoo.com/c/terms/claims.html>
08/23 - NA NA 432K -
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 WEDNESDAY
Mortgage Investment; FRE, FNM, SNFCA, HF
Residential construction ;LEN, KBH, HOV
Surety Title
MOBO OVER THE 50 STOCKS
BGP
TSO
LEN
CHS
BBW
CEO
WSTLA
DHI
STOCKS < $2KRY
CYTR
CSK
RBY
TGC
SNAP BACKS
FMCN
VQ
NBIX
STP
TICC
FLS
BEAR BREAK OF 50 SMA AND MOBO
AMLN
ALKS
FXP
ULTA
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