Market turning over

Discussion in 'Trading' started by MrDODGE, Jun 17, 2008.

  1. The chart on the NASDAQ looks like we are headed for another leg down. We bounced off resistance at 2,487 and are headed back to support at 2,433. If we break 2,433 I expect to be near 2,327 in a couple weeks. This all depends on the rest of today and tomorrow. :D

    Looks like a double top is in at 2,546.
  2. As oil falls so does the market. The arabs need to stop producing so much. So many sectors are dependent on rising oil and falling dollar. Ben and Paulson keep talking up the dollar and this is hurting stocks.
  3. I agree, oil and energy in general is supporting the market.
  4. Some of you people need to realize that the Energy Sector only makes up 15% of the S&P 500.

  5. It's not just energy but materials and manufacturing and large cap tech that benefits form the falling dollar. A rising dollar is the biggest threat to the stock market.
  6. I disagree.

    A rising dollar would attract a TON of CAPITAL into the U.S. Equity market and it would dwarf any "adverse" effects on material, mining, and energy stocks.

    Those sectors are relatively small when compared to the rest of the U.S. equity market.

    Feel free to take a look at the sector weightings in the S&P 500 index.
    As of May 31st, Energy was only 14.3% of the S&P 500 and Materials was only 3.7%.

    Consumer Discretionary ( 8.5% ) and Consumer Staples ( 10.5% ) would balance out any decline by the Energy and Materials sectors.,3,2,2,0,0,0,0,0,1,11,0,0,0,0,0.html
  7. Possibly counter-intuitive, yet probably true.
  8. the spooz turned over when they could not stay over 1400 and break 1430 and broke that important 1370-1372 zone and got killed and now are rallying for the a$$ jam into June expiration after bottoming out at 1332 saying the mkt turned over now is like saying there is a bull mkt in oil. Thanks for stating the obvious!

    The spooz broke 100 bucks in last two weeks and now you say its turning over? The Long End of the curve has overshot the ECB and Fed hawkishness bull$hit speak as well so they should rally as well.
  9. Assuming no out of the ordinary positive news look out below for the next couple days.
  10. market seems way oversold at this point

    the dow should be at 13000
    #10     Jun 17, 2008