The Dow closed at 12479.63 today. Todays drop was only a 145.99 points. Am I crazy or does it see like this elevator is taking the fast shaft down? If so, is it slowing down. We had a couple days of 200+ down now today, only 146 points.
We think we might see the basement around 12300 due to the fact this will represent the 50% correction from the recent highs.
This is not new news, but there might be a trade here.
http://www.bloomberg.com/apps/news?pid=20601087&sid=arJRg6BLyYl8&refer=home
Bloomberg reports the following:
Vallejo became the largest California city to seek bankruptcy protection a week after it rejected an offer by labor unions for $10 million in pay cuts.
This is probably the tip of the iceberg for California. They have laws dictating your property taxes be lowered if your value has dropped X %. This sounds great for the homeowners, but must be putting a crunch on local governments.
Dow Jones Transportation Index has risen with the Oil Services Index, together they are up 17% and 16% percent YTD. Oil finished up today to $1.38 to $132.19p.b.. Please remember to look at DRYS this weekend, it has had a pullback following an earnings report where they missed by 4 cents.
LDK was up today again, over 8%.
Next week will probably be both short and light on volume.
Good Fortune from Trade Equity!!!
Friday, May 23, 2008
Market LunchBox
With the Dow currently down 150.55 to 12,475, we are witnessing the Friday sell off that we talked about yesterday.
After bad housing news this morning, the market went into freefall.
Resales of U.S. houses and condos dropped 1% to a seasonally adjusted annualized rate of 4.89 million from 4.94 million in March. Economists expected sales to fall to 4.83 million.
We are looking for the Dow to correct to 12300 and then head North back to 13000 or 13500.
Today is a very light volume day in the Markets.
BUD is up 7% today on a buyout rumour by InBev.
A merger of the two companies would result in production of about 350 million hectoliters of beer each year and add up to approximately $20 billion in annual revenue.
Gold and oil are up today.
Gold is up $6.50 and oil is up to $132.10 p.b..
This is todays global economic calendar.
http://www.forexfactory.com/
Good Fortune from Trade Equity!!!
After bad housing news this morning, the market went into freefall.
Resales of U.S. houses and condos dropped 1% to a seasonally adjusted annualized rate of 4.89 million from 4.94 million in March. Economists expected sales to fall to 4.83 million.
We are looking for the Dow to correct to 12300 and then head North back to 13000 or 13500.
Today is a very light volume day in the Markets.
BUD is up 7% today on a buyout rumour by InBev.
A merger of the two companies would result in production of about 350 million hectoliters of beer each year and add up to approximately $20 billion in annual revenue.
Gold and oil are up today.
Gold is up $6.50 and oil is up to $132.10 p.b..
This is todays global economic calendar.
http://www.forexfactory.com/
Good Fortune from Trade Equity!!!
PreMarket Buzz
Kimberly Clark announced they would raise there price 6-8%. This is inflation at its best.
The Dow Futures are showing an opening of 46 points lower.
Yahoo is delaying its annual meeting once again. While the stock is down this week, it looks as if Microsoft is looking around for something other than Yahoo now.
Euro-zone May purchasing managers index falls to lowest level in five years. This shows that the global slow down in is happening across the world.
The existent home sales numbers are released this morning at 10am EST.
These numbers cannot be great. But most everyone knows this.
There are a few companies reporting earnings today.
http://biz.yahoo.com/research/earncal/today.html
Good Fortune from Trade Equity!!!
The Dow Futures are showing an opening of 46 points lower.
Yahoo is delaying its annual meeting once again. While the stock is down this week, it looks as if Microsoft is looking around for something other than Yahoo now.
Euro-zone May purchasing managers index falls to lowest level in five years. This shows that the global slow down in is happening across the world.
The existent home sales numbers are released this morning at 10am EST.
These numbers cannot be great. But most everyone knows this.
There are a few companies reporting earnings today.
http://biz.yahoo.com/research/earncal/today.html
Good Fortune from Trade Equity!!!
Subscribe to:
Posts (Atom)
