Discuss Market Comments 07/08/11

Nearing highs - Another big day for stocks yesterday as the Dow gained another 93-points. Unlike Wednesday, the Dow was the weaker index as the broader market indices saw sharper gains...

Current Daily Market Commentary

Market Commentary for 7/08/11

 

[Sensei]

What do you make of the 10 point gap in the S&P?

 

[tsptalk]

Gap? I don't see a gap. ??

 

[Sensei]

Really? Didn't the S&P close at 1339 on Wed and open at 1349 on Thurs? Am I not understanding "gaps" correctly?

 

[coolhand]

Looks like a gap to me. Funny, trader's aren't really talking about it.

http://finance.yahoo.com/echarts?s=^GSPC+Interactive#chart2:symbol=^gspc;range=5d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

 

[pmcint01]

Wow! That analyst that raised the expectation to 175,000 jobs today should be shot!

 

[Sensei]

No need for further speculation about my "gap". It has been effectively filled.

 

[tsptalk]

No need for further speculation about my "gap". It has been effectively filled.

LOL - I see what you mean. I don't consider it an "open gap" unless the previous day's high is below the next day's low. See this week's Nasdaq. But the S&P didn't do that yesterday.

What you are refering to, day traders might consider a gap. But they are not really even visible on a bar chart for EOD (end of day) traders.

 

[coolhand]

I think he's the same guy who just finished jury duty in Orlando. :laugh:

Wow! That analyst that raised the expectation to 175,000 jobs today should be shot!

 

[tsptalk]

Wow! That analyst that raised the expectation to 175,000 jobs today should be shot!

That's why there are no weathermen in Libya. Ghaddafi had them shot when they were wrong.

But seriously, I recall something to that effect many years ago where some country's leader banned weather reports because they were so inaccurate. It may have been Ghaddafi.