friday update

SHORT TERM: market edges higher in quiet day, DOW +47
Overnight and over the holiday the Asian markets were mixed. Europe was closed both days. US index futures opened this morning with a positive bias and the market opened higher at SPX 873. Lacking any significant news the market drifted down until around 1:00 when it hit 867, only six points below the open. Then the market edged higher into the close. For the day the SPX/DOW were +0.55%, and the NDX/NAZ were +0.25%. Bonds were up 17 ticks, Crude may be rallying and gained $2.25, Gold added $22.50, and the Euro was higher. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum was nearing overbought as the market closed. Not much new to report, and we’re likely to have a quiet week to close the month as well. Enjoy the holidays!
MEDIUM TERM: downtrend low at SPX 741
LONG TERM: bear market rally

About tony caldaro

Investor
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8 Responses to friday update

  1. Bud says:

    MMA Cycles has prepsented what I feel is a very good read/informatiive. I invite your careful review, for insight to the time frame of May-Dec 2009. Might be rather useful.http://www.mmacycles.com/weekly-preview/mma-comments-for-the-week/mma-comments-for-the-week-berginning-december-29,-2008/

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  2. Bud says:

    MMA Cycles does a great analysis with regard to astro/stock market activity. True,it can be at times. A complicatd read. Here, though. Are a few lines from thisweekends comment, by Ray which are simplier to understand, for me at leastThe week will end with Saturn turning retrograde on December 31our rule is to look for any market that is declining into this retrograde of Saturn, give or take two trading days, for Saturn’s nature is to depress and push down. Once it is over, conditions rebound. That is, if prices have been depressed going into a Saturn stationary period, look for them to rally immediately afterwards. This could be the case with stocks, which have been trending more down than up in the past 10 days. So. The markets that have been on a steady decline, may suddenly reverse higher. Add,if I may add this is a some what normal event going into the New Year. But,it is the next 5 trading days that are actually more relavent, in giving signals as to the markettrend.EWI. FYI, has had the same opinion as OEW since about 11/21/08. Bullish…..:)

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  3. Puddy says:

    Serge, that chart shows commercials being net short for most of the bull market 03-07. It is interesting though.

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