Stock indexes rallied nicely early in the session, but started to falter late in the day when what looked like there might be some road blocks to congress passing the bailout plan. The market is more interested in the minute by minute changes in the news and not so interested in following technical indicators. This…
Month: September 2008
The week that capitalism died
There are times when technical analysis just isn’t useful, and this last week was one of those times. When panic and news dominate the market there isn’t much use in looking at past prices for support or resistance, or looking at overbought or oversold indicators, or looking at price structure when the market is swinging…
Stocks resume slide, Gold up big
Stock indexes resumed the downtrend today. The S&P gapped lower and attempted to recover to the unchanged level. Then the selling came back in, but the S&P managed to rally back at least to the opening price, but sellers came back in the last hour, and the indexes extended the losses in the last ten…
Tuesday Turn-a-Round
Today was another classic Tuesday reversal. After a lower open and a drive down into new recent low territory, and a disappointment that the Fed didn’t lower interest rates as Fed Fund Futures indicated that they would, the stock indexes were able to move higher on the day. The 24 hour futures chart shows a…
Stocks get pounded on Lehman, AIG, Merrill
Stocks started the Sunday evening session as well as the open on Monday with a sharp sell-off, with the Dow down over 300 points. Continued worries over the financial sector continues to dominate the news. Rather than rehashing the news I’ll just show a chart. A chart is more useful to analyse than blaming greedy…