Monday, June 22, 2009
Pay Day Confirmed!!
Our June play ended up a winner which is always good to see. Friday saw the SPX finish the session up 2.86 at 921.23.
For the week, stocks surrendered ground with the Dow off nearly three percent, as was the SPX, with the Naz seeing a smaller loss of 1.69 percent. The SPX was able to hold its support at its 200-day moving average, but the Dow has returned to negative territory for the year and gave up this support level. However, the fear indices also lost ground, which is unusual when the major market indices decline. This complacency is something the bears will point to as a sign further losses could be in store.
This week is going to be a big week on the economice news front. with several key economic reports being released, including the Fed Interest rate meeting and interest rate decision. Housing will be a focus with several reports on this sector on tap. It will be interesting to see if the Dow can regain the 200-day moving average, or if weakness in the Dow will bring down the SPX.
Despite my email saying we would get a play on lets see how the markets react to the news this week.
Until next time.
For the week, stocks surrendered ground with the Dow off nearly three percent, as was the SPX, with the Naz seeing a smaller loss of 1.69 percent. The SPX was able to hold its support at its 200-day moving average, but the Dow has returned to negative territory for the year and gave up this support level. However, the fear indices also lost ground, which is unusual when the major market indices decline. This complacency is something the bears will point to as a sign further losses could be in store.
This week is going to be a big week on the economice news front. with several key economic reports being released, including the Fed Interest rate meeting and interest rate decision. Housing will be a focus with several reports on this sector on tap. It will be interesting to see if the Dow can regain the 200-day moving average, or if weakness in the Dow will bring down the SPX.
Despite my email saying we would get a play on lets see how the markets react to the news this week.
Until next time.
# posted by Paul @ 7:18 AM 
