Thursday, August 14, 2008
Can It Go Higher?
The markers bounced off intraday lows Wednesday on the back of a commodities driven rally. The Dow fell 109.51 to 11,532.96 and the SPX fell 3.76 to finish on 1285.83.
Things didn't start well Wednesday with the financials being mauled again and oil rising 3%.
On the economic front, a report on retail sales added fuel to the market’s first half woes and lows. A premarket report saw retail sales data shrink by a mostly in-line -0.1%, led by a large drop in auto sales.
We decided to sit out August. To be honest last week really spooked us with 30 point movements up and down each day and it just wasn't worth the risk.
The markets have settled a little now and there is still not much good news out there.
We will be getting a play on very soon for September.
Until next time.
Things didn't start well Wednesday with the financials being mauled again and oil rising 3%.
On the economic front, a report on retail sales added fuel to the market’s first half woes and lows. A premarket report saw retail sales data shrink by a mostly in-line -0.1%, led by a large drop in auto sales.
We decided to sit out August. To be honest last week really spooked us with 30 point movements up and down each day and it just wasn't worth the risk.
The markets have settled a little now and there is still not much good news out there.
We will be getting a play on very soon for September.
Until next time.
# posted by Paul @ 5:03 AM 
