Those that watched the market this past week saw some pretty powerful moves, until you look under the hood, as the major indices all had close to double digit gains for the week. The Dow was the laggard of the bunch as it gained 9.7% while the biggest gainer was the S&P which gained 12%.
Tag: $vix
It appears as though the bad news for our economy is falling on deaf ears as the reports this morning were less than favorable. New home sales are down 40% from last year and down 69% from the all-time high reached in July 2005. October durable goods orders plunged by a larger-than-expected amount, Chicago manufacturing
No gas for the bulls as yesterday’s meager attempt to buy some lows was met with fierce selling today. In fact, the broader market ($SPX) closed at its lowest point in 5 ½ years today. The Dow broke the psychological price level of 8,000 and the Nasdaq broke through 1,400 as well. There was one
Today’s price action shouldn’t be too surprising given the history that will be made tomorrow. Yes, that’s right, everyone that’s a citizen of the US should be voting tomorrow as we will either have the first African-American President or the first female Vice-President. It’s a crap shoot as far as how the market will react
The $941.50 level I pointed out in the broader market (78.6% retracement) was steam rolled last week. Now, after today’s manic rally, we are back above that level. Keep in mind that the candles in the $SPX chart below are monthly candles. That should give you some idea as to what to expect as there
Yes Virginia, There Is A Recession!
As if we didn’t already know such, the current recession was made official today. The official start of the recession was December of 07 so we’ve been in it for a year now. Many economists believe the current recession will be the most severe since the 81-82 recession. It’s no wonder with the most severe