Stimulus Bill Trumps the Jobs Report?
SPX closes just under the downtrend on the daily
Enjoy your Weekend! Do your taxes because some states may not have the cash to pay you your refund!
2/6/09
SPX Ranges for Monday
Stimulus Bill Trumps the Jobs Report?
SPX closes just under the downtrend on the daily
Enjoy your Weekend! Do your taxes because some states may not have the cash to pay you your refund!
GE, What's down with that?
GE rolls big time from today's highs after the regular Div is approved
-1% now at 10.77 going after 52 week lows at 10.66...double hummmmm
-1% now at 10.77 going after 52 week lows at 10.66...double hummmmm
INTO GAP Now
Next Gap up around 928 - 935, however the STO is warning us that a top could be in place in soon (Days)
USO down 5% XLE down 1.5%
Jobs came in in line or better
A rally in financials WILL NOT off set a decline in the XLE
XLK may balance things if Oil continues FRESH 52 week lows here
SPX futures positive
A rally in financials WILL NOT off set a decline in the XLE
XLK may balance things if Oil continues FRESH 52 week lows here
SPX futures positive
2/5/09
Bespoke - China Breakout
BTW...I don't see anyone calling a bottom on the transports yet
China Breakout
ln early December we pointed out that China's equity markets were beginning to show signs of stability. After rallying a little further after that post, however, China's market pulled back once again, but it never broke below its prior lows from November. Now, China has staged another short-term rally, and it just broke out of its multi-month trading range today. From its low in November, China's Shanghai Composite has rallied 23.5%, and its technicals have turned positive once again. But as shown in the top chart below, the index still has a long way to go before it puts a dent in the declines seen in '07 and '08.
China Breakout
ln early December we pointed out that China's equity markets were beginning to show signs of stability. After rallying a little further after that post, however, China's market pulled back once again, but it never broke below its prior lows from November. Now, China has staged another short-term rally, and it just broke out of its multi-month trading range today. From its low in November, China's Shanghai Composite has rallied 23.5%, and its technicals have turned positive once again. But as shown in the top chart below, the index still has a long way to go before it puts a dent in the declines seen in '07 and '08.
2/4/09
Even the NAZ couldn't stay green today
SPX RANGES FOR THURSDAY
BAC
Wall Street CEO pay cap deals a Blow to Industry Management...I am sure they thought it would NEVER come to this. But imagine: Your stocks down 95%, your pay just got cut 90%, all your Mansions have lost 40%, your 401K is down 50%....really, you got to feel just a little bad for them, right?!?....Honey, I shrunk the accounts....Honey, where'd you go, Honey?!?....where's the freaking furniture!?!
Humm...BAC
Interesting BAC is on it's ass and MF GS C ect are up over 5% today
I wonder if there might be a short attack on BAC and a take under (aka WM WA style) tonight...
BTW the SPX day chart turned neutral Tuesday...if we close red today I think it goes back to a sell...watching. Just feels like we are due for a major move but which way?
2/3/09
SPX Ranges for Wednesday
DOW TRANS Bottom in
I think Dow Trans has put in a decent bottom up 4% today well off the lows Monday
DOW +123
SPX 60 Min chart
Trans are doing pretty good today + near 4% XLF weak on BAC and AIG. Homebuilders up over 7% on resales report
Approaching that 840 level and oversold
Trans are doing pretty good today + near 4% XLF weak on BAC and AIG. Homebuilders up over 7% on resales report
Approaching that 840 level and oversold
SPX snooze Fest
Couple of inside trades worked today so far
Check out Dow Trans up over 2% I like the RSI on this....could be a good bottom play on IYT
2/2/09
Retail Roll - from Bespoke
Retail Group Breaks Support
Macy's has brought the retail group down once again today on news that it slashed its dividend and will cut 7,000 jobs. Along with the Financial sector, retailers have been one of the hardest hit groups during the current recession. And unfortunately, the retail group broke through key support today that has previously held a number of times over the past couple of months. This breakdown is not a good sign for the group or the entire market.
For those interested, below we highlight the companies that make up the S&P 500 retail group. For each stock, we provide its year-to-date performance along with its indicated dividend yield (since Macy's cut its dividend today). As shown, Office Depot (ODP) is off the most this year with a decline of 37.58%, followed by Sherwin-Williams (SHW), Limited Brands (LTD), and Abercrombie & Fitch (ANF). Six stocks in the group are up this year, and two of them are online retailers (EXPE and AMZN). As consumers continue to bunker down, they're doing more and more of their miniscule purchasing online, which is a big negative for the brick and mortar companies that already have high overhead.
February 02, 2009 at 03:29 PM in Market Analysis | Permalink | Comments (0) | TrackBack (0)
SPX Ranges for Tuesday
Critical levels here on the SPX...Nice sector rotation into XLK and Tech's today
Dow Trans and Oil weak as well. XLF did a 3% reversal off the lows today.
Big Picture
The SPX is bouncing today on a gap down to the trend line... I am worried about a breakdown if the MACD remains under the signal. The RSI would support the bottom theory if it remains above the last low... Developing
Bounce Off 812 low 820 now
52 Week Lows on Trans and Oil down, with Naz positive. GE weak and BAC as well
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