Re: Dow Jones
The job report caught everyone by surprise. Nice close but I am still skeptical about the 11k mark.
Re: Dow Jones
^ The market touched 10962 intraday and closed at 10940. Futures are strong and moving up after the close. 11k next week. The market has got strength, even after oil touched $55 it has not come down. Also the S&P broke the technical levels upwards at 1212 today and closed 1222.
Re: Dow Jones
The market today was within 15 points of 11k at one stage.
Re: Dow Jones
Th eanalyst from Piper said today that in a survey of American SUV drivers about the inflexion point in the price of gas where they would rethink changing their mode of transport. Drumroll :bhangra: $3.50 a gallon. Makes one think twice about the pricing for oil.
Re: Dow Jones
is it time to sell NYSE and NASDAQ stocks then?
Re: Dow Jones
The high oil prices have had a major impact on Dow and it has retreated back to 10600. Oil prices hit a high of $57 this week.
Re: Dow Jones
The saying use to be, 'What's good for General Motors is good for America.' If that still applies today then rough times lie ahead.
Re: Dow Jones
Well true, part of the rough ride on Thursday was due to the very gloomy forecast from GM. I have been short of dow futures, so dont mind. :)
Re: Dow Jones
There is a big opperutnity to short options on a six month contract till Sept. I know many option-baaz who are eyeing on 10K by that time.
I bet this fall will see quiet a many new millionares at CBOE.
Re: Dow Jones
Dow breaks below its 10200 support level. 10K in sight, probably next week.
Re: Dow Jones
Next week? It might happen today. Yesterdays IBM after-hours earning report has rocked the Dow.
Re: Dow Jones
^ It is already down 108 points another 200 will be a massive drop. Won't do my short futures any harm.
Re: Dow Jones
^ Another point is where Dow closes and also whether S&P holds it's support level of 1153. Just trading below it at the moment.
Re: Dow Jones
We'll we should probably know by 2:30 if the garbage men are coming to pick up the trash or if they are going to let if fall further.
Re: Dow Jones
You will have to be very brave to pick up anything here. The fall has been mighty from 10985 intra day a few weeks ago.
Re: Dow Jones
*Dow down 420 pts in three days to end at year low of 10088. *
U.S. stocks ended at their lows for the year, with the Dow Jones Industrial Average tumbling more than 400 points in three days, in a week dominated by concern over a slowdown in the economy. The Dow Jones Industrial Average fell 198 points, to close at 10,088, the first time Dow has posted triple-digit declines three days in a row for more than two years.
UTD we came close to going below the 10K today.
Re: Dow Jones
Yep and another 30 minutes and we might have seen it. The fear of inflation is creeping into the market, well see if that fear is justified next week.
And I wonder if the $50 barrel is the new $30.
Re: Dow Jones
I think we will see the slide continue next week. Too much negativity around. Disappointing IBM results increased investor concerns regarding the slowdown in the US economy. Also the economic reports contributed to the negative mood, when industrial production and University of Michigan consumer sentiment reports came in on the weak side on Friday. The high oil prices are not helping. As you say the $50/ barrel could be the new $30. Next few weeks will be telling.
Drug and Bank shares did well as defensive plays.
Re: Dow Jones
And Bush want to privatize social security, imagine the panic that would have set in for the millions that would have seen a chunk of their retirement funds go up in smoke this week.