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Charts courtesy of stockcharts.com

Thursday, May 29, 2008

Q1 GDP Revised Upwards, Recession Cancelled

Yet another day of morning strength, afternoon weakness. The strong sectors today, XLF and XLV, are the weakest of all sectors. Energy and basic materials got creamed again. Technology was the only strong sector that was green today. 1406 was the drop dead resitance level today, as soon as it hit (around 1:30), the selling began. Everyone is expecting oil to pull back to $100, and it I would, too, except that supply is not increasing.

GDP was revised upwards for Q1, which may have accounted for the early rally. There is so much arguing going on about whether or not we are technically in a recession, that I'm reminded of the phrase "can't see the forest for the trees".



The Russell 2000 put a pin through the 200dma, then pulled back. The moving averages are rapidly converging, so we should get a break out (up or down) fairly soon.

This is the percentage of stocks on the Nasdaq above the 50dma. It has been in a fierce uptrend since January, but does appear to be weakening.


The same chart for the NYSE. This also appears to be weakening. While there were breakouts today, none were leading stcks, and none looked especially good.



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