HAIL TO THE CHIEF
Another day in the books and another 310 points off the DJIA and 40 off the SPX. The NDX was the strongest of the major indexes only down 1.6%.
It actually felt like a little capitulation in the closing hour as folks were just puking them up instead of orderly selling like the first 12 trading days of the year.
Green sector- BIOTECH;
Reddest sectors- ags, brokers, banks, oils, utils and defense;
The VIX finally ripped higher + 16.6% to 28.4, the highest close since the end of November when the DJIA closed about 1,000 points higher.
VIX -17% above the 10 SMA;
Volume - about 2.2B shares with down volume about 10x the up.
RSI (2) (LOL)-
SPX- 5
DJIA-6
NAZ-7
NDX-8
RUT -9
QID-92
TWM-96
SDS -97
Technically, markets are in a significant down trend and not sure what it is that will make them go higher. Did feel like capitulation but heard/felt that before over the past few months.
Ultra short ETF's QID TWM SDS getting very popular- FWIW;
And congrats to POTUS George Bush- the SPX is now 10 points under where it was when he started this job on January 20, 2001. But remember, Republicans much better for the markets than Democrats.
posted by DAVID at
4:04 PM
2 Comments:
Yes, just think how wonderful things will be when taxes revert to their previous rates. The marriage penalty will be back. That lame 10% bracket will revert to 15%, and the greedy folks in the 25% bracket will finaly pay their 28% fair share.
Think how much more money Joe and Jane Sixpack will spend at retail and restaurants when their paycheck deductions go up and their gross take home goes down a few hundred a month.
Hey, it send the Nasdaq to the 5000's before Bush took office!!!
lol
Doggie- Check the charts over the years- I don't think anyone will find any evidence that one party does better than the other as it relates to stock performance- Did you think the DRG index would be lower 7 years into Bush presidency?
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