Good morning. Happy Friday.
The Asian/Pacific markets closed down across the board. China, Hong Kong Japan, New Zealand and South Korea each dropped more than 1%. Europe is currently mostly down. Austria is down 1.4%, Greece up 1.3%. Futures here in the States point towards a down open for the cash market.
The dollar is up. Oil and copper are down. Gold and silver are down.
Absent a big rally today, the market will suffer its first down week in almost two months (depending on which index you look at). The S&P made a new high; the Dow got close; the Nas an Russell have lagged since their June bottoms, but have done just fine lately. Here are the weekly charts. Given the run over the last three months and the proximity to the highs, a rest is needed. Purely from a technical standpoint, I’d rather see the indexes move sideways or even correct slightly for a few weeks before attempting to bust out. To slide through resistance after rallying a bunch would be difficult to build on.
Don’t force trading right now. Capital preservation is key. The market is slow right now; we’re not getting much follow through. And September is traditionally the weaknest month of they year. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Aug 24)”
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my pet bull –MR grunt grunt,is very worried and im afrid he might have a panic attack
Hope your pet Bull – Mr Grunt – has a stroke, rolls over and dies – The funeral would be very lucrative for me! 😀 THANKS AUZ 😀
I know of a smug walrus that likes to fuk bears
we are having a hard time keeping the gains made for the europe 11.30 am close
Tim –im not bearish here –the market can still go either way
i will only play the intraday here and that has a lot of nice moves either way
longer term say 1 week or so — we can still get a blow off up if central banks give more liquidity–unlikly —or we can roll over here
funny roomnie is warning obarma and bernanke not to try more liquidity here or berniky is gone
the battle of the 2 marfia backed bosses–eh
lol that stupid morman doesn’t have a snowballs chance in hell of telling anyone anything
world markets are still controled by the euro
up markets up euro,but close to resistance
if not we have unhealthy divergence
we still have eu manipulation atm for their 2 day confrence
Thanks AUZ – I rolled my SPY bear call spread up – I see 1450 as a possible – Still waiting for the Ponzi to fall