Tuesday, April 22, 2008
Confidence Returning?
I know I have been a bit lazy with the blog the last month. When you don't have a play on its sometimes hard to get enthused!! I will be posting more regularly again!
Over the past week or so a confidence has returned to the markets which has seen a pretty good rally emerge. There is whispers in the markets that the financial turmoil of the banks and subprime has lessened and that this has brought around the new confidence. I am not so sure but for now am happy to play along.
What the last week has shown that the SPX now has some fairly good support at the 1326 level. Also the next major barrier of resistance is 1440. If we can get a play on between these levels then great!!
Anyway the SPX was down 2.16 points, closing at 1,388.17. We are still waiting to get our play on for May.
Something that the Blog has not commented on in the last few weeks is the relentless rise of the energy prices!! Crude hit a new high up 79-cents to a price of $117.76. Continuing drops in the dollar helped push oil prices higher, as did more worries about supply disruptions due to attacks by Nigerian rebels.
Don't count on that rally going too high!
Until next time.
Over the past week or so a confidence has returned to the markets which has seen a pretty good rally emerge. There is whispers in the markets that the financial turmoil of the banks and subprime has lessened and that this has brought around the new confidence. I am not so sure but for now am happy to play along.
What the last week has shown that the SPX now has some fairly good support at the 1326 level. Also the next major barrier of resistance is 1440. If we can get a play on between these levels then great!!
Anyway the SPX was down 2.16 points, closing at 1,388.17. We are still waiting to get our play on for May.
Something that the Blog has not commented on in the last few weeks is the relentless rise of the energy prices!! Crude hit a new high up 79-cents to a price of $117.76. Continuing drops in the dollar helped push oil prices higher, as did more worries about supply disruptions due to attacks by Nigerian rebels.
Don't count on that rally going too high!
Until next time.
# posted by Paul @ 5:50 AM 
