Today’s early rally hit the wall right at resistance levels. I suspect the indices will continue to chop around at least through Friday’s jobs report and possibly until whenever the government reveals the stimulus/bad-bank/”bailout 2″ plan. The Nasdaq poked its head above both its 50-day moving average and its downward sloping January trendline but sellers [...]
Posted by 26 January 2009
January 26 Recap & Charts to Watch
The indices continued their range-bound trading today. The early strength gave way to selling mid-morning. I’m not sure whether to blame it on Obama’s economic press conference or technicals — the Nasdaq approaching its 50-day moving average and the indices hitting last week’s range tops. I suspect we will have more of this range trading [...]
Posted by 21 January 2009
January 21, 2009 Stock Market Recap
The rally got a little dicey this morning but the bulls were able to keep the pressure up into the afternoon session. So the market recouped the bulk of Tuesday’s losses on slightly higher volume. We’ve now got the Nasdaq and S&P poised to breakout above their January downtrends. Let’s see if the news flow [...]
Posted by 20 January 2009
