Well 597 points is almost 600. The first rally on Tuesday could be explained as short covering, but the reason for Thursday is a bit of a mystery. Yes there was a slight improvement in retails sales, but initial unemployed continued to grow. It is a bit of a sorry state when stocks rise on [...]
Tuesdays huge rally had all the hall marks of a short covering rally. The talking heads were convinced it was the start of a bear market rally. Subsequent action on Wednesday and the pre open on Thursday tend to confirm that it was a short covering rally as there has been no follow through. The [...]
Well the US market went up with a hiss and a roar yesterday. The S&P500 futures were up 40.1 points! This is the first 40+ point day since November when it all fell apart. The DJIA futures were up by 359 points. Even the FTSE managed a healthy 175.5 points. So what caused such a [...]
The markets started off with a positive note but then the doubts crept in. The FTSE hit new intra-day lows, but as yet has not closed below 3509. But today could be another story. The S&P500 futures closed at 675.9 and the DJIA at 6528. Now we have to go back to 1996 to find [...]
We can now say the US markets are at levels not seen since 1996. The S&P500 futures lost 46.4 points or around 6% over this last week. The lows for the US came on Thursday, on Friday it looked like it was going to finish lower but a rally in the last hour or so [...]
Wednesday’s rise on the market was just a flash in the pan. The FTSE managed to close 8.5 points higher than Wednesday, but the US markets closed at lower lows. As I mentioned before all eyes will be on the non farm payrolls data due out at 8:30 EST today (Friday). In the US banks [...]
I got up on Thursday morning (at 4:30am) to find the DJIA up 260 odd points and the S&P up 26. The FTSE closed earlier in the night for a gain of 129.5 points. The US markets sold off quite sharply in the last half hour. The FTSE rallied on the hope that the Chinese [...]
On Monday all of the markets that I watch had a big down day. Asia had trouble digesting Fridays news from the US. They had a big drop in GDP, plus bank failures etc. This set the tone for the FTSE opening down 92.5 (March futures), to finish the day down 194 points to close at 3613.5 This [...]
It’s Labour Day in Western Australia today. The rest of the states take next Monday off. So today started with washing the car and making a few changes in the garage. Looking at the charts it is noticeable the the FTSE has not yet tested the November lows which have been broken by the US [...]