Recommended Reading

Google Search

Charts courtesy of

Thursday, January 3, 2008

Slow Deterioration

Not much of significance happened today in the major indexes, other than the Russell 2000. 750 was a pretty key support level, now it is a jey resistance level. Watch for a retest of 735, if it can't be broken, we may get a very vicious bounce.

Tomorrow's jobs numbers, as unreliable as they are, will likely be the catalyst of a big move.

The Nasdaq 100 did not show leadership today, although it was marginally up. The range is really getting constricted here, which could lead to a huge move (in either direction).

The internals of the Nasdaq are getting downright ugly. This is the advance-decline line, reaching a new low.

Goild and Silver have been the strongest part of the market of late. XAU looked like it was heading for a test of the 200dma, when the assassination of Bhutto in Pakistan suddenly caused a reversal and sharp rise. The situation in Pakistan is far more serious than most people think, and the rise in gold and silver reflect that.

I posted DJR a couple of weeks ago, pointing out that it might be finding a bottom. It went through it decisively today. Real estate is nowhere near bottoming out.

No comments:

Google Analytics