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
Tuesday started out looking like i was totally out to lunch on my market
call of : " Today, Monday, September 2, suggests a down day, from a
follow thru of Friday's down move. The NYSE index failed the 50 SMA
DJ-30 target is 11,453, then 11,340. " After the first hour and +250
points the market collapsed onto itself with a reversal not seen in
recent times. The technical indicators were again correct in calling a
down day for the indexes. The NYSE failed the 50 sma at its High of the
day giving an 50 sma failure signal for the drop. The QQQQ failed the 2
day 50 SMA at its high of the day, for a second time in a week and then
proceeded to break down thru the 50 SMA. IBM made a new week low taking
out all the month lows after a rally that failed its 50 Daily SMA
Friday.
IBM last week gave warnings of this drop with repeated failures of the
50 Day SMA.
Our IBM target is $116.31 before a good bounce.
Today, Wednesday, the studies suggest that after some early market lows
we bounce an try and put in a positive close for the day. Look for the
DJ-30 to hit the daily 50 SMA at 11,447, with another support at 12,371
TODAY'S MARKET, Thursday, September 3, 2008.
The technicals continued to show us the WSJ proior to the opening and
closing markets again Wednesday. " Wednesday, the studies suggest that
after some early market lows we bounce an try and put in a positive
close for the day. Look for the DJ-30 to hit the daily 50 SMA at 11,447,
with another support at 12,371. "
Our low was the morning and high at the close, at the hourly 50 sma.
Today, Thursday, the technicals suggest another up day, with VIX failing
the daily 50 sma, and the VXN and VXO volitility indexes also failing
the daily 200 SMA yesterday .
DJ-30 low supports are at 11,441.
QQQQ supports are at 44.79
SP-500 supports are at 1272
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
Sep 2 12:00 AM Auto Sales <http://biz.yahoo.com/c/terms/auto.html> Aug
- 4.8M NA 4.4M - Sep 2 12:00 AM Truck Sales
<http://biz.yahoo.com/c/terms/auto.html> Aug - 4.8M NA 4.6M - Sep 2
10:00 AM Construction Spending <http://biz.yahoo.com/c/terms/const.html>
Jul - -0.3% -0.4% -0.4% - Sep 2 10:00 AM ISM Index Aug - 50.2 49.5 50.0
- Sep 3 12:00 AM Auto Sales <http://biz.yahoo.com/c/terms/auto.html>
Aug - 4.8M NA 4.4M - Sep 3 12:00 AM Truck Sales
<http://biz.yahoo.com/c/terms/auto.html> Aug - 4.8M NA 4.6M - Sep 3
8:15 AM ADP Employment Aug - - -19K 9K - Sep 3 10:00 AM Factory Orders
<http://biz.yahoo.com/c/terms/facord.html> Jul - 1.0% 0.4% 1.7% - Sep
3 10:35 AM Crude Inventories 08/30 - NA NA -177K - Sep 3 2:00 PM Fed's
Beige Book - - - - - - Sep 4 8:15 AM ADP Employment Aug - - -19K 9K -
Sep 4 8:30 AM Initial Claims <http://biz.yahoo.com/c/terms/claims.html>
08/30 - 415K NA 425K - Sep 4 8:30 AM Productivity
<http://biz.yahoo.com/c/terms/prod.html> -Rev. Q2 - NA 2.9% 2.2% - Sep
4 10:00 AM ISM Services Aug - 50.0 49.0 49.5 - Sep 4 10:35 AM Crude
Inventories 08/30 - NA NA -177K - Sep 5 8:30 AM Average Workweek
<http://biz.yahoo.com/c/terms/emp.html> Aug - 33.7 33.6 33.6 - Sep 5
8:30 AM Hourly Earnings <http://biz.yahoo.com/c/terms/emp.html> Aug -
0.3% 0.3% 0.3% - Sep 5 8:30 AM Nonfarm Payrolls
<http://biz.yahoo.com/c/terms/emp.html> Aug - -60K -70K -51K - Sep 5
8:30 AM Unemployment Rate <http://biz.yahoo.com/c/terms/emp.html> Aug -
5.7% 5.7% 5.7%
SECTOR MOVERS FROM FRIDAY'S MARKET
MAJOR AIRLINES
GENERAL ENTERTAINMENT
GOLD, SILVER, AND PRECIOUS METALS
GOLD is suggesting an up move with a drop in the dollar Thursday.
MOBO OVER THE 50 STOCKS
URRE , any dip should hold.
MBRK
RGS
BMO
IFF
CPS
STOCKS < $2KRY
CHCI
PTN
FONR
SNAP BACKS
ALJ
PLCE
SLF
DRS
IAG
BEAR BREAK OF 50 SMA AND MOBO
FCN
FRX
SDA
EMINI CLASS FIRST WEEK OF SEPTEMBER, 3,4,5
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Here's our ITINERARY and a just a bit about each wonderful stop:
Sat 10/4 Venice Italy; depart 5PM
Ah, Venice, truly unique in all the world! Renowned for its ?fluid
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Sun 10/5 Cruise the Adriatic: Classes held all day
Mon 10/6 Piraeus (Athens) Greece; dock 12, depart 8 PM
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Wed 10/8 Katakolon Greece: dock 12, depart 7 PM
We?ll hold classes in the morning, then spend the rest of the day
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Thu 10/9 Corfu Greece: dock 7 AM, depart 5 PM
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when his ship had sunk. The Achilleion Palace was built by the Empress
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The Emperor Diocletian was Dalmatia's most outstanding contribution to
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Sat 10/11 ...and back to Venice Italy: Arrive 7 AM
Contact Allison at 407-719-2592 or
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for more
information.
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