7.01.2008

MORNING WATCH


A wacky day so far with the markets opening much lower and climbing their way back to the flat line and beyond into green territory. Bad news finally getting bought-


NYSE- 700 net losers;

NAZ- 640 net losers;

NDX -45 GREEN;

OEX- 50 GREEN;

IBD- 55 GREEN;


VIX- flat;


GOLD +17 at $945;

CRUDE- +$2.15 at $142.2;


Markets seem to have hit a temporary bottom as the SPX went near the 1265 level and about 8% below the SMA 50- pretty pretty stretched.




4 Comments:

Anonymous Anonymous said...

Is not bad news getting bought... the data was better then expected, how's that a bad news? I don't think we are near the low yet... still at 1280s, too close to 1300. Need to see a capitulation during regular hour, not pre-market...

11:33 AM  
Blogger DAVID said...

Check Europe- see if there was any bad news there- check crude see if any bad news for equities - Futures down 1% on good news this morning?

11:34 AM  
Anonymous Anonymous said...

this future was down on record oil and bad news from financial... and then it popped up because better then expected econ data... so BAD NEWS was sold and GOOD NEWS was bought... not the other way around... we still need to go lower before any substancial rally will happen... 1280s just too close to 1300 any rally to 1300-1310 will be sold... and that's what 2% rally? Whoopee!

11:52 AM  
Blogger iv said...

David ..please ignore this anonymouus guy as we value your opinion a lot and

keep writing...

THANKS AGAIN FOR YOUR BLOG

11:55 AM  

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