monday update

SHORT TERM: US markets closed, DOW (YM) -60

Overnight the Asian markets gained 0.4%. European markets opened lower and lost 0.2%. US index futures traded lower overnight, and closed early due to Hurricane Sandy. At 8:30 Personal income was reported higher: +0.4% vs +0.1%, along with Personal spending: +0.8% vs +0.5%. Also PCE prices were reported positive: +0.1% vs +0.1%.

The US futures markets ended their overnight session lower: SPX (ES) -4.75 and NDX (NQ) -14.75. Bonds gained 6 ticks, Crude slipped 40 cents, Gold lost $2, and the USD was higher. Tomorrow: Case-Shiller at 9:00, then Consumer confidence at 10:00. US markets may even be closed tomorrow. Best to all in the storm’s path.

MEDIUM TERM: downtrend likely underway

LONG TERM: bull market


About tony caldaro

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16 Responses to monday update

  1. blubrd67 says:

    It seems we’ll have pos. div. on weekly before market seriously takes off, and Nasdaq is ahead of the game.


  2. Tony – do you feel when the uptrend resumes that the SOX will be off to the races? Based on the charts looks like B has bottomed or nearly bottomed and with the 2-year tech cycle should be a strong liftoff, what are your latest thoughts on this??


  3. M1 says:

    European markets are suggesting a rebound for tomorrow.
    I will keep in eye on this chart (the same posted on sunday):
    Rebound or breakdown ?


  4. The Homeless Daytrader says:

    Woke up this morning and we still have power but I have an uprooted tree down across my driveway. If there were to be an opening bell, I’d be missing it.

    I hope everyone here made it through Sandy unharmed.


  5. Per Hansen says:

    Hello tony. If We assume we reach your bull target for about 1550-1600 mid 2013. Do you then expect the markets to enter a major bear market and what will be the target and time horizon? thanks


  6. hooloo1957 says:

    Hey Tony I respect your work, but if you look at a monthly chart of the spx, since 2009, you can’t really call it an impulse wave, so how do you? Respectfully Greg


  7. M1 says:

    Thanks, Tony.


  8. The Homeless Daytrader says:

    It must be getting rough … the only local channel I am still able to receive is WPIX – Mr G. says it is “showtime for Sandy.”


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