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Thursday, November 13, 2008

Dancing In Purgatory

What I am seeing today can only be described as "no man's land". After gapping up the SPX sold off and hit a low of 847. After rallying up a bit, it is dropping again and looks like it is going to make a retest. The strongest sector is XLU, followed closely by XLE. Oil is up a smidge, to 57, and the dollar has weakened slightly. Key levels to watch are 839 on the SPX, 7882 on the DOW, 1483 on the Nasdaq, and 442 on the Russell 2000.

I have no reports from the earnings sheet yet. I had PDO scheduled today but that was not confirmed, anbeing an AMEX stock, I will have a hard time getting confirmation. There are no breakouts. no new highs.

P.S. Nasdaq had broken 1483 and has established a new low at 1477.


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