Today was somewhat encouraging as the DOW was down a couple hundred and put together a rally to finish the day higher. However, nothing would do us better than to see a -800 day, down to around 7800, only to rebound, capping off the day +3 or 4 hundred on heavy volume. Some pivotal resistance levels to keep in mind:
- Dow 9450, (8.5% from here) laying over a fibonacci 38%.
- S&P 1010 (11%)
- NAZ 1950 (21%)
Incidentally, not only do utilities offer a good recession hedge but likely ourperformance in the months ahead based on the lessening costs of doing business, read lower oil prices. Although, not a utility, someone whispered AMR to me.
Foreclosure filings spike 71%; CNN.
Link to GDP data
Economic calendar from Briefing.com
Ideologue Greenspan admits to flaws in his free market stance.
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