Recommended Reading

Google Search

Google
 
Charts courtesy of stockcharts.com

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