10 am print has so far provided a base for higher above the key 855 and 840 supports on a rectangular formation with the possibility of another fling higher in an expiration related bs move
11am up hours at 853/8340/1155 suggest that Turnaround still on hold with higher prices up as high as 888-903 still possible in the primary count
the primary count still holds out for straight down from 918 to 819-770 is ongoing for another few days with 840 cash key
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987&cmd=show[s67036679]&disp=O
government hearings on TV all day and the S&P is still range bound . selling the government officials has been a successful strategy since mid september
the Put Call ratio is showing little fear even though the market is just a few percent from decade lows???
people are so stunned that the next 25% (200 S&P points yikes)down will be easy to do as the professionals are awaiting that puke out in early December when the sellers for 2008 are forced by the calendar to sell them even when they are down. new moon low and then the Employment report before the up expiration/year end rally
recent late day sell offs suggest a buyers strike and a vacuum just under the 825-840 price area
DOW 8300 seems key and S&P 860.
on the stock front
EBS keeps trying to claw back over $20-21 resistance where a pop to $28 would be no surprise
UNG creeping higher as energy prices seem to be stable in advance of the winter's advance
the Biotech/health stocks are all down with the rest of the market wih ABT, CBST, EMS, MYGN,QCOR
other consumer product companies PETS, RAH, WTR, UST where a recession won't necessarily slow these companies down
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment