2008 ~ Wasn't That Great!!!
2008 ~ wasn't that great...
Either Way, Here Is To A More Sublime 2009:
This is just a mini-holiday post on this last week of the year, gang. Last week's light volume trade left mostly red on the screen, with the S&P 500 (SPY) down about -1.6%. In fact, the only exceptions were Real Estate (IYR +4.1%), the US Dollar (UUP +0.8%) and a handful of commodities.
In spite of the holidays, trader's will no doubt be keeping a close eye on the evolving geopolitical rifts, as illustrated by the sharp rise in gold late last week (Bloomberg - Gold Rises on Tensions).
The first week of 2009 is again holiday shortened, but this time much lighter on the reporting calendars, as follows:
First Half of Day
We have recovered past the daily pivot line on advancing tick readings after opening at yesterday's closing lows on the unemployment claims figures. If you've never seen the source Department of Labor press release, it's worth a review.
Second Half of Day
From MarketRewind, a Very Happy Holidays to You and Yours.
Another historic policy week left the S&P 500 down just a fraction after the Federal Reserve cut its key lending rates to all time targeted lows of 0% to 1/4% (SPY -0.1%). This move had the effect of putting strong additional pressure on the US Dollar, leaving Bonds at bubbly highs even as Crude Oil fell to an incredible $33/BBL, nearly 80% off its summertime peak. (Bloomberg - Dollar Touches Lows on Cuts)
Also impacting the week was Friday's ultimate resolution to the $17.4B intermediate Auto-bailout package, sending Big-Three stocks soaring back from fears related to structured bankruptcy negotiation tactics espoused by the White House just a day earlier. (CBS - Mixed Views)
Week 52 is holiday shortened, but nonetheless contains the final Deflator and GDP readings, Home data, and Personal Income measures among others, as follows:
Here is why you need to follow twitter:
mrkt_rwnd 11:04AM PST - I believe we will hold and break that VWAP.
mrkt_rwnd Advancing Vol outpacing Decl. Vol.; Tick & AD Positive... but still need to bust that resist.
mrkt_rwnd 10:47AM PST - And here we are at the VWAP.
mrkt_rwnd 9:39AM PST - I need to go into a meeting, poss. resistance on the rebound at the VWAP $89.40.
mrkt_rwnd 9:18AM PST - Tick trying to reverse higher + supportive volume spike.
mrkt_rwnd 8:52AM PST - Note how Cum. Tick began to fade early in the hour. Watch this all day long.
Close - The market couldn't bring it home past the Quad-Qs and IWM, but the suggested "breakdown" SPY support held just fine. Check in on the weekend update and have a good one!
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