for this upcoming week...April 14-18...All these news events will SHAKE the market: *G-7 Meeting talking currencies *Oil poised to test 113.00-115.00 *Euro poised to test 1.59-1.60 *all these economic news releases this week...http://www.nasdaq.com/asp/econodayframe.asp?page=http://www.nasdaq.com/econoday/index.html *after GE follow through as Asia will tank Sunday night into monday USA time... *Massive earnings releases from: JNJ INTC WFC COF EBAY GOOG MER PFE USB JPM IBM HON XRX C CAT WB ...the ES breaking of 1350 and then 1340 was a huge level to break through...very huge Bear move...10 Yr note also poised to go higher...comments?...agree...?ES could be at 1290 by next Friday April 18th...
Yep lots going on next week .... Anyone have the real stats about how many times the indices form a triple bottom vs. a triple top?
Triple bottom completed in early 2003. Then upward from there. Fed funds were at 1%. Things were worse then, as far as the stock market. This time around the housing market won't go crazy, for lending standards have risen. Also, back in 2002/2003, it took about six months for that triple bottom to form. The first bottom was hit in January; the second in March. I would expect the next bottom to hit in July. 1250 seems to be the spot for now. Once it breaks 1250, look out below. I think that 1150 is a pretty arbitrary stopping point. Why not go all the way down to the 2002-2003 bottom (600-700). Once the last weak seller is gone, the market has no where to go but up--history repeats itself.
So much doom and gloom. Markets will end up for the week next week...just watch. There are WAY too many people expecting the apocalypse next week.
The 1150 mark on the spx has been much discussed on blogs and in different circles. The reason is because there is an obvious head and shoulders on the chart. The head&shoulders has always been a reliable pattern. There are problems in America and the largest problem right now is 3 dollar plus gas. In some places it 4 dollar plus. I was out last night and there were very few people on the road and out at restaurants/bars. If folks are not going out, then it effects broad spectrum of businesses and concerns. Recessions are a fact of life that happen every so often. Business and economic contraction is a fact of life that happens. In the past, the SPY has pulled back 30+% during such contractions. If we take 155 multiplied by .7 then you get about 108. Fundamentally and technically 1150 makes sense and a good year end target. There has been much talk about which industry to pile your money into. Indeed, the chemical sector and XLP do show some strength. The XLP only lost a half percent on friday where as other etfs were losing 4 times that. However, the best advice is to save your money until November and then find bargains then. Although, there are no guarantees that the slope downwards wont keep going through 2009. Actually the best advice is to get yourself into a double short etf that tracks one of these indexes