monday update

SHORT TERM: market continues rally in this 1/2 day holiday session, DOW + 99
Overnight all of the Asian markets were higher, and the FTSE was higher as well. The market opened on a positive note and continued to rally until about 10:00 when the SPX hit 1495. After about an hour of consolidation back to 1492, the market rallied again going into the 1:00 close hitting 1498. Techs were mostly higher with AAPL making a new bull market high, and the financials were higher as well. At the close the SPX/DOW were +0.75%, and the NDX/NAZ rallied 0.80%. Bonds lost more than 1/2 point, Crude gained 35 cents, Gold was flat, and the Euro was higher. Support for the SPX remains at 1484 and then 1462, with resistance at 1506 and then 1530. Short term momentum is way overbought, but will have to wait till wednesday. Happy Holidays!
MEDIUM TERM: correction may have ended at 1436
LONG TERM: bullish, it’s still a bull market 

About tony caldaro

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4 Responses to monday update

  1. tony says:

    Hi Peter,
    Seeing the same Crude scenario myself.
    Happy Holidays!


  2. tony says:

    Hi Amit,
    Thank you.
    And a merry Christmas to you and yours.


  3. peter says:

    Hi Tony,
      Man Financial\’s Mike Fitzpatrick was just on Bloomberg Tv. He has been very accurate on oil forecasts and says he doesn\’t see any Usa slowdown hurting energy prices until much later in 2008. Same with any slowdown in oil demand China might create with interest rate hikes. He said the correction may be as low as the low $70\’s but won\’t last long.
    happy holidays,
    Peter F.


  4. Amit says:

    Hi Tony,Wishing you and all readers of this blog a Very Merry Christmas.RegardsAmit.


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