Gersh, they did the opposite today. They ramped futures after the close and left us heavily biased up for the open. I am showing we could be down 1/2 point and still be in program buying on the open ( assuming I didn't mess up again -g-)
Weekly dollar chart looking bad if this keeps up. If we don't bounce, we could get 3 black crows. I have support around 105, 102 then waaay down. I show SPX support around 1390 so we are approaching decision time ahead of the PPI.
Dennis, hope your out of RFMD, bearish engulfing today.
PG - mini cup and handle????
Dennis, yes the earnings warnings seem to be getting slaughtered in the nervous market. Circuit City took it hard on the chin today also dragging some other retailers with it, especially Best Buy. Is the slow down for real.
Haim, I understand the cooked books but even digging into the numbers, they were as bad as some of the previous cooked up stories or else they are getting better at hiding them. Employee compensation has always been skewed. My point was simply that the numbers weren't as bad as many expected including those that think they are crooked. Ex the Census jobs, the labor pool didn't get too much tighter. Let's put it this way, the minorities are already screaming that they are being picked on by trying to increase unemployment. NPR had a piece this morning talking about how 800K black men can't find jobs in the last month due to cutbacks. Ohhh PLeeeeeeeeese! We're still at 4.1%, not exactly mile long bread lines.
Bottom line, too much uncertainty and the market hates uncertainty. High inflation, they'll deal with it, recession, we'll deal with it. Not sure which one we'll get? Don't right, were trading range bound. Of course we could get the pre-earnings ramp job, buy the rumor sell the news but then.....
Watching the Dollar, NYSE triangle and GE close here.
Good Luck,
Lee |
