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Tuesday, December 30, 2008

GMAC Stick Save

The market is off to a quick start, thanks to a commitment by the U. S. government (read that, your grandkids), to give $6 billion to rescue GMAC, so they can start making more bad loans. The SPX is hitting a bit of resistance at 879, but I still expect a test of the 50dma, which is at 888. The Nasdaq is slightly outperforming today, and the Russell 2000 isn slightly outperforming the Nasdaq. All sectors are green, with XLF, XLB, and XLY the strongest, XLE the weakest. XAU, gold and silver, is one of the few indexes I watch that is negative. The TNX and TYX are both positive for once. Despite the blizzard of good news, the VIX is down less than 1%.


I have several new highs, two of whioch are breakouts. To put FRPT in perspective, here is a 2 year chart. It is at a new 52 week high today, but that is becvause it was a little over 52 weeks ago that this collapsed. I'll take a more in depth look at it this afternoon.

SJI is breaking through a pretty strong resistance area. Volume yesterday was pretty good for a holiday period, and we could get a little more today. This looks like the most promising chart I've seen so far today.

I have nothing on the earnings front.

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