Market Talk / Nov. 9th - 15th

[Spaf]

Market Talk
Sunday Edition
November 09, 2008​

General Commentary:

The S&P [$SPX] continues to play in a trading range of about 840 support and 1020 resistance. Investors have kind of disappeared until the pundits can figure out which end is up (or down) in the ecomomic mess. In the meantime the market remains gloomy in a bearish undertone, however, maybe, just maybe some of the past volatility may have subsided.

A look at the chart(s)
The S&P500 [$SPX] Daily
Large Caps

Charts courtesy of www.StockCharts.com​

The pricing on the 13d E-moving average is within a bearish trend.

Bollinger Bands have contracted to somewhat of reasonable volatility.

The P-SAR remains bullish, closing above the trigger point.

Volume was on the lighter side for last week.

The S-STO turned bearish with %K under %D, however neither overbought or oversold.

The MACD was a weak bullish with bearish tones.

Well, that's it for the weekend!​

Be careful out there!​

 

[McDuck]

Nikkei up 5.5%

 

[XL-entLady]

So we close today with a 7% up day in the S&P after a range of almost 100 points. What a strange day! Totally :nuts: nutz!

Lady

 

[Birchtree]

The market held its' support levels introduced October 10th - that's a strong positive. The intraday low on the Dow was 7982 generating a nice kangaroo tail and the same with the SPX from under 819. In this market environment you can have a record up day from out of the blue - we'll have to do better than a 936 point move to the upside. Tomorrow is scheduled to be nasty hedge fund redemption day - I'm betting some of that $400 billion sitting in their cash accounts goes back to work and they won't be quiet about the move.

 

[Gumby]

So we close today with a 7% up day in the S&P after a range of almost 100 points. What a strange day! Totally :nuts: nutz!

Lady

What a day..... :nuts:

 

[amoeba]

...Tomorrow is scheduled to be nasty hedge fund redemption day....

And so it was, beginning at about 3 pm. Was that a lousy economic data week or what? Guidance revised downward all over the place and only ~5% down for the week - equities still overvalued imo, and need to shake out some more. Probably rangebound in the near term as long as there are hopes of more stimuli/bailouts etc., then down as the wheels come off in the post-thanksgiving retail sales figures.

The "bottom" thread prediction of 680 is not looking that far off, is it?