5/15/09
SPX Ranges for Monday - 883 Close at res !!! Gov't Bails out Banks, Brokers, Insur, Autos, Auto Parts, States, Muni's, miss any?
Bailing out everyone except the Homeowners and it's citizens. We get to fund them. How f'cked up is that? READ 
5/14/09
Bear Trap in place if we close higher today - SPX up 1% on more bad news
If we have another big down day today, 930 will be the top for a while
Jobs Picture Still Getting Worse
Jobs Picture Still Getting Worse
Joe Weisenthal|May. 14, 2009, 9:07 AM|comment1
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Tags: Economy, Recession, Layoffs
Not even Steve Liesman found anything to like in this morning's unemployment claims figure. Despite hopes that new claims might somehow possibly come in lower than 600,000, it was not to be. New claims came in at 637,000, ahead of the 610,000 that economists had estimated.
Supposedly there could be something with swine flu or Chrysler or whatever, but basically lots of people are still losing their jobs.
Meanwhile, the PPI jumped .3%. But remember, deflation is the enemy, so a-printing we must go.
Joe Weisenthal|May. 14, 2009, 9:07 AM|comment1
Tags: Economy, Recession, Layoffs
Not even Steve Liesman found anything to like in this morning's unemployment claims figure. Despite hopes that new claims might somehow possibly come in lower than 600,000, it was not to be. New claims came in at 637,000, ahead of the 610,000 that economists had estimated.
Supposedly there could be something with swine flu or Chrysler or whatever, but basically lots of people are still losing their jobs.
Meanwhile, the PPI jumped .3%. But remember, deflation is the enemy, so a-printing we must go.
5/13/09
SPX OBV uptrend broke today (see daily below previous)
The last two times it broke we went down 40% in 08 and to 667 in march. OBV prints after the close each day and just saw it tonight.
If we are lucky we move up off todays bear trap to a new rally high bull trap with a better short opportunity. Fasten you seat belts!
If we are lucky we move up off todays bear trap to a new rally high bull trap with a better short opportunity. Fasten you seat belts!
Gee, when was the last time we sold off on bad news?...Usually we run on bad news.
Stocks fall on weak retail sales, foreclosure jump
AP
By MADLEN READ and STEPHEN BERNARD, AP Business Writers Madlen Read And Stephen Bernard, Ap Business Writers – 21 mins ago
NEW YORK – After its dizzying climb, Wall Street is looking at the economy more skeptically.
Stocks retreated more than 2 percent and bond prices rose after two reports showed that the economy is not bouncing back as quickly as investors hoped. The Commerce Department said retail sales fell 0.4 percent in April, while RealtyTrac Inc. reported a troubling rise in home foreclosures.
Investors are mindful that the Dow Jones industrial average spiked 31 percent from its March 9 lows — the biggest jump in such a short span since the 1930s. Even after Wednesday's decline the index is still up 26.5 percent, but investors are now wondering if the market will see a sharper pullback.
Analysts say a drop of 10 percent from the market's recent peak would be hardly surprising, especially since recent economic readings have failed to beat expectations.
"Overall, it's just a market that's due for a pause, due for a pullback, due for consolidation," said Quincy Krosby, chief investment strategist for The Hartford. "You don't want markets to skyrocket. The higher you go, the deeper you fall."
Few analysts, however, expect the stock market to sink lower than it did in March.
"What we've done over the past month-and-a-half is remove this idea of Armageddon," said Charlie Smith, chief investment officer at Fort Pitt Capital.
According to preliminary calculations, the Dow Jones industrial average fell 184.22, or 2.2 percent, to 8,284.89.
Broader stock indicators sank even more sharply. The Standard & Poor's 500 index fell 24.43, or 2.7 percent, to 883.92, while the Nasdaq composite index declined 51.73, or 3 percent, to 1,664.19.
AP
By MADLEN READ and STEPHEN BERNARD, AP Business Writers Madlen Read And Stephen Bernard, Ap Business Writers – 21 mins ago
NEW YORK – After its dizzying climb, Wall Street is looking at the economy more skeptically.
Stocks retreated more than 2 percent and bond prices rose after two reports showed that the economy is not bouncing back as quickly as investors hoped. The Commerce Department said retail sales fell 0.4 percent in April, while RealtyTrac Inc. reported a troubling rise in home foreclosures.
Investors are mindful that the Dow Jones industrial average spiked 31 percent from its March 9 lows — the biggest jump in such a short span since the 1930s. Even after Wednesday's decline the index is still up 26.5 percent, but investors are now wondering if the market will see a sharper pullback.
Analysts say a drop of 10 percent from the market's recent peak would be hardly surprising, especially since recent economic readings have failed to beat expectations.
"Overall, it's just a market that's due for a pause, due for a pullback, due for consolidation," said Quincy Krosby, chief investment strategist for The Hartford. "You don't want markets to skyrocket. The higher you go, the deeper you fall."
Few analysts, however, expect the stock market to sink lower than it did in March.
"What we've done over the past month-and-a-half is remove this idea of Armageddon," said Charlie Smith, chief investment officer at Fort Pitt Capital.
According to preliminary calculations, the Dow Jones industrial average fell 184.22, or 2.2 percent, to 8,284.89.
Broader stock indicators sank even more sharply. The Standard & Poor's 500 index fell 24.43, or 2.7 percent, to 883.92, while the Nasdaq composite index declined 51.73, or 3 percent, to 1,664.19.
Weak close
$SML down 4.5% SPX - 2.6% - This could be a Bear trap (followed by a Bull trap (new highs Friday/ Monday) and Down from there. XLF -5.4% XLY -4% XLE -3.5%
SPX Weekly..860 is important to hold or we get a partial to full retest
SPX Weekly..860 is important to hold or we get a partial to full retest
S&P 500 Pullback Reaches 5% (From Bespoke)
The S&P 500's pullback from Friday's intraday high crossed the 5% level today. The current pullback is the third intraday pullback of at least 5% since the rally began on March 9th. With the S&P 500 on pace for its third straight daily decline (another first for this rally), the current pullback is also the longest.
A key level to watch on the S&P 500 is 875. The previous pullback in April ended when the S&P 500 traded down to the level of the March peak. If this decline is anything like the last, we would expect to see support at the peak of the April rally which was 875. If that level fails to hold, the next area of support comes into play at the 50-day moving average (~825).
A key level to watch on the S&P 500 is 875. The previous pullback in April ended when the S&P 500 traded down to the level of the March peak. If this decline is anything like the last, we would expect to see support at the peak of the April rally which was 875. If that level fails to hold, the next area of support comes into play at the 50-day moving average (~825).
896 SPX gap down PM - Ugly Retail sales and import / Export price reports
XLF -3% XLE -1%
SPX EMA 13 894 and 858 for the 40
SPX EMA 13 894 and 858 for the 40
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