Recommended Reading

Google Search

Google
 
Charts courtesy of stockcharts.com

Thursday, December 18, 2008

Thursday Morning Update

A pretty dramatic fall in the dollar, but still well off the lows. It looks like it might get a bounce here.


The last 10 days of the SPX, 30 minute intervals. The Fed rally doesn't seem quite so dramatic on this chart. 860 is support, 918 resistance, and until one of those is broken, we are range bound.


The same char for the Russell 2000. The Range here is 447 to 492. Both indexes look like they are going to bounce off support here, so they may well challenge the top of the range today, and it would not surprise me to see them break them.

Both the TNX and TYX have cratered again. This is getting beyond ridiculous. I have been hearing speculation that the Fed is buying up treasuries in order to drive down rates in a desperate bid to save the housing market. If that is true, it is absolute insanity.

Health care, utilities, and consumer staples are leading, energy lagging. No breakouts so far, and the new highs are the same ones we have been seeing lately. Most are pulling back after hitting the highs. If we get a year end rally, so far it looks like it's going to be pretty weak and wwithout real leadership.


I had RICK scheduled to report today, but that was unconfirmed and there is no news.

No comments:

Google Analytics