Before the Open (Aug 24)

by admin on August 24, 2012
in Before the Open

Good morning. Happy Friday.

The Asian/Pacific markets closed down across the board. China, Hong Kong Japan, New Zealand and South Korea each dropped more than 1%. Europe is currently mostly down. Austria is down 1.4%, Greece up 1.3%. Futures here in the States point towards a down open for the cash market.

The dollar is up. Oil and copper are down. Gold and silver are down.

Absent a big rally today, the market will suffer its first down week in almost two months (depending on which index you look at). The S&P made a new high; the Dow got close; the Nas an Russell have lagged since their June bottoms, but have done just fine lately. Here are the weekly charts. Given the run over the last three months and the proximity to the highs, a rest is needed. Purely from a technical standpoint, I’d rather see the indexes move sideways or even correct slightly for a few weeks before attempting to bust out. To slide through resistance after rallying a bunch would be difficult to build on.

Don’t force trading right now. Capital preservation is key. The market is slow right now; we’re not getting much follow through. And September is traditionally the weaknest month of they year. More after the open.

headlines at Yahoo Finance

headlines at MarketWatch

today’s upgrades/downgrades

this week’s Earnings

this week’s Economic Numbers


Comments

7 Responses to “Before the Open (Aug 24)”
  1. AussieJS says:

    my pet bull –MR grunt grunt,is very worried and im afrid he might have a panic attack

  2. Tim says:

    Hope your pet Bull – Mr Grunt – has a stroke, rolls over and dies – The funeral would be very lucrative for me! :D THANKS AUZ :D

  3. Russ says:

    I know of a smug walrus that likes to fuk bears

  4. AussieJS says:

    we are having a hard time keeping the gains made for the europe 11.30 am close

    Tim –im not bearish here –the market can still go either way
    i will only play the intraday here and that has a lot of nice moves either way

    longer term say 1 week or so — we can still get a blow off up if central banks give more liquidity–unlikly —or we can roll over here

    funny roomnie is warning obarma and bernanke not to try more liquidity here or berniky is gone

    the battle of the 2 marfia backed bosses–eh

  5. AussieJS says:

    world markets are still controled by the euro
    up markets up euro,but close to resistance

    if not we have unhealthy divergence

    we still have eu manipulation atm for their 2 day confrence

  6. Tim says:

    Thanks AUZ – I rolled my SPY bear call spread up – I see 1450 as a possible – Still waiting for the Ponzi to fall

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