I read it was a Galaxy that was providing data and other services to the east coast and the Caribbean.
Some market negatives (so much for my last post):
CELL bouncing off 9 so we may yet have to test support at 8 (good sell, Lucius).
I believe we have broken the Russell's long-term uptrend, which was around 390 as far as I know; next support is 348.
I also believe we have broken through the NYA's 200 DMA; a pretty negative sign that a Legg Mason analyst called a short-term sell signal last night (does anyone have the exact 200 DMA?).
We seem to be restesting the major supports: 8316, 1054 and 1715 had better hold. We want to close above these numbers! After that, I guess 39 week moving averages would be next. Bottom line is this is either the bottom or the start of something worse; I'll bet my wallet and say we get a rally from here. U.S fundamentals too good to get any worse.
The good news is Japan broke crucial support in the 14,500-14,700 range; maybe they'll get the wake up call.
So far, the only non-Asian countries really getting hit are Russia and Venezuela, which share an overdependence on oil, so I for one am not convinced the Asian flu is really spreading, but I appear to be in the minority. And let's not forget, Russia's stock market is less than one-tenth the size of MSFT (let's hope Mr. Gates steps up and buys the whole damn country).
Good luck to all.
Paul |
