Market Talk

[John M]

LG...whipped here.

Worked all weekend, unable to post any updated charts. I'll hope to get something up in a day or so, suffice to say that there's HEAVY resistance directly ahead, I'll be very surprised to see this rally extend further than a few days max.

A couple quick market blurbs...


Hedge fund threat

http://news.bbc.co.uk/low/english/business/newsid_1507000/1507480.stm


"Wednesday at 8:30 AM we will be advised of the revised GDP for Q2. Scattered reports are already attempting to mitigate the impact of nearly any reading at or near to zero. But, should the revision indeed result in a negative figure, the American consumer will tighten-up a little more. Former Fed Vice-Chairman Alan Blinder stated in the WSJ on August 14th, that "there is a kind of magic-number quality to zero." The number zero he said has "enormous political significance."

"For the first time in four years, a majority of Americans in mid-August labeled the economy "not so good" or "poor." Ratings of the buying climate and personal finances have held relatively steady, partly counteracting concern about economic contraction. Without these, the slump in confidence would look more like a free-fall."

So said the latest ABCNews / Money poll, which is a more current reading than the other more popular measures."






Hope all is well,

Good trading all,

Regards,

John M