monday update

SHORT TERM: stocks close lower after a positive opening
Stocks opened higher this morning, but selling in the tech sector took the market lower after a few minutes into the session. Stocks continued to retreat until about 1:00, when all the indices were oversold short term. Now the cyclicals and the techs are in alignment. At 1:00 the market staged a small rally, and closed above their worse levels of the day. At the close: SPX/DOW were 0.10% lower, and the NDX/NAZ were 0.45% lower. Bonds closed 1/2 point higher, Crude rose 35 cents, Gold was $2.50 higher, and the Euro moved a bit higher as well. There appeared to be pockets of strength in the tech sector, even though the major indices were lower. A very busy economic calendar ahead this week. Tomorrow morning Jan Durable goods orders/Existing home sales; wednesday morning, Q4 GDP/Chicago PMI/New home sales; and thursday Core PCE index/Feb ISM. Also, the FED’s active this week too. FED chair Bernanke speaks before the House tomorrow at 10:00, to be followed by Vice chair Kohn; and Bernanke gives a speech friday night at Stanford. Now that all the major indices are realigned it is time for this market to make some upside progress. We had a small rally in the last three hours, and it should continue tomorrow, as the market usually reacts favorably to Bernanke’s speeches.    
MEDIUM TERM: bullish
LONG TERM: bullish.

About tony caldaro

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4 Responses to monday update

  1. tony says:

    Hi Fred,
    Looked into the BP/US pairing.
    Unfortunately, my charting service only displays the inverted US/BP.
    They do that a lot.


  2. tony says:

    Hi Greg … So far holding support, but the day is not over.
    Hi Fred … I will look into that pairing to see if its feasible.


  3. Unknown says:

    Looking forward to your update.  Today\’s activity appears to have broken the trendline support.  I\’m thinking this validates the diagonal minor wave 5 count.  This could portend a retracement back to 1360-1380 area?
    Your thoughts?


  4. Mark says:

    Hello there Tony
    Nice webspace btw.  Can you find it in your good heart to cover a very widely traded FX currency called the GBPUSD (this is the Great British Pound/US Dollar).  This would be very informative for many thousands of traders who trade this everyday, including myself of course.  Leave it to me to pass the word on if you do go ahead.
    Best Wishes


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