Thursday, December 04, 2008 6:20:00 PM
I'm called for a RED day tomorrow Yakster, top to bottom 
I know I'm sick but GOTTA PLAY THEM PUTS, Rally might have begun
(So they say...lol) but I highly doubt End of week will play out for it, Oh it's Friday Tomorrow!!!
TGIF
http://caldaroew.spaces.live.com/
Market Update:
December 04
thursday update
SHORT TERM: when Bernanke talks the market listens, DOW -215
Overnight the Asian markets were mixed. Europe opened lower, but closed +0.10%. Overnight the US index futures were mostly lower. Then at 7:00 the Bank of England reportedly dropped its key lending rate a full percentage point to 2%. It's lowest level since 1939. The ECB dropped its key rate to 2.5% its lowest level since the ECB was organized. At 8:30 the weekly Jobless claims were reported at 509K v 530K last week. The futures sold off on the news and the market gapped down at the open to SPX 859. By 10:00 the SPX had rallied back to 873, just above yesterday's close, when October factory orders were reported -5.1% v -3.1%. The market then pulled back to 863 by 10:30. Another rally followed as the SPX took out yesterday's highs and hit 876 by 11:00. A few minutes later FED chairman Bernanke's speech was released and the market began to sell off: http://www.federalreserve.gov/newsevents/speech/bernanke20081204a.htm. By 1:30 the SPX hit 856, rallied to 870 by 2:30, and then sank to 834 by 3:30. A bounce into the close, near the 848 pivot, ended the day. At the close the SPX/DOW were -2.70%, and the NDX/NAZ were -3.20%. Bonds continued on their tear adding 24 ticks, Crude dropped $3.00, Gold slipped $4.00, and the Euro was lower. Support for the SPX slips down to 789 and then 768, with resistance at 848 and then 912. Short term momentum headed lower after this morning's high and finished near oversold. Tomorrow the monthly Jobs report at 8:30, and Consumer credit at 3:00. This bear market rally should remain intact as long as the SPX holds monday's low at SPX 816. Best to your trading!
MEDIUM TERM: downtrend low at SPX 741
LONG TERM: bear market rally underway
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
4:16 PM | Add a comment | Read comments (8) | Permalink | View trackbacks (0) | Blog it
I know I'm sick but GOTTA PLAY THEM PUTS, Rally might have begun (So they say...lol) but I highly doubt End of week will play out for it, Oh it's Friday Tomorrow!!!
TGIF http://caldaroew.spaces.live.com/
Market Update:
December 04
thursday update
SHORT TERM: when Bernanke talks the market listens, DOW -215
Overnight the Asian markets were mixed. Europe opened lower, but closed +0.10%. Overnight the US index futures were mostly lower. Then at 7:00 the Bank of England reportedly dropped its key lending rate a full percentage point to 2%. It's lowest level since 1939. The ECB dropped its key rate to 2.5% its lowest level since the ECB was organized. At 8:30 the weekly Jobless claims were reported at 509K v 530K last week. The futures sold off on the news and the market gapped down at the open to SPX 859. By 10:00 the SPX had rallied back to 873, just above yesterday's close, when October factory orders were reported -5.1% v -3.1%. The market then pulled back to 863 by 10:30. Another rally followed as the SPX took out yesterday's highs and hit 876 by 11:00. A few minutes later FED chairman Bernanke's speech was released and the market began to sell off: http://www.federalreserve.gov/newsevents/speech/bernanke20081204a.htm. By 1:30 the SPX hit 856, rallied to 870 by 2:30, and then sank to 834 by 3:30. A bounce into the close, near the 848 pivot, ended the day. At the close the SPX/DOW were -2.70%, and the NDX/NAZ were -3.20%. Bonds continued on their tear adding 24 ticks, Crude dropped $3.00, Gold slipped $4.00, and the Euro was lower. Support for the SPX slips down to 789 and then 768, with resistance at 848 and then 912. Short term momentum headed lower after this morning's high and finished near oversold. Tomorrow the monthly Jobs report at 8:30, and Consumer credit at 3:00. This bear market rally should remain intact as long as the SPX holds monday's low at SPX 816. Best to your trading!
MEDIUM TERM: downtrend low at SPX 741
LONG TERM: bear market rally underway
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
4:16 PM | Add a comment | Read comments (8) | Permalink | View trackbacks (0) | Blog it
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