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You Are Here: Home > Articles > Contributors > friday update
friday update
You Are Here:Home > Articles > Contributors > friday update
friday update
Sep 06, 2008
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SHORT TERM: market recovers after jobs report, DOW +33
Overnight all the Asian markets fell, Europe opened lower and closed -2.35%. US index futures had a volatile night, and an even more volatile morning after the labor dept. reported unemployment has reached 6.1%. The highest level in nearly five years. Now with the CPI at 5.6% and unemployment at 6.1%, the FED has failed on its only two mandates: moderate inflation with stable employment. And, the Treasury dept. wants to reward failure with more regulatory power. To be fair, this same central bank failure is occurring in Europe and many other parts of the world. Independent central banking does not work. Governments should run their own monetary systems. At the open stocks gapped down for the third day in a row. After bouncing to 1233 in the opening minutes, the SPX headed to the next support pivot at 1219. By 11:30 the low was put in for the day at 1217. With short term momentum extemely oversold, the market rallied for the rest of the day, with only minor pullbacks. It closed at 1242, near the highs for the day of 1245. For the day the SPX/DOW were +0.35%, and the NDX/NAZ were -0.25%. Bonds lost 9 ticks, Crude dropped $1.45, Gold was up $2.75, and the Euro was lower. Support remains at 1240 and then 1219, with resistance at 1261 and then 1287. Short term momentum was extremely oversold this morning and rallied above neutral heading into the close. The near term indicators turned up slightly after reaching their most oversold level since March. For the holiday shortened first week of September, the SPX/DOW were -3.00%, and the NDX/NAZ were -5.15%. Enjoy the weekend!
MEDIUM TERM: downtrend underway from SPX 1313 high
LONG TERM: bear market
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