Monday, October 26, 2009
Support broken
We are skating on thinner ice, below 1060 on the ES is a lot of air down to low 1050s. Below that and bulls can fall flat on their face down to 1025.
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Analysis of Financial Markets
3 comments:
Hey I read something that says that Arthur Cashin, that geriatric guy that used to work for Prudential now he's with UBS says the mkt is going to 1250 as long as it remains above 943. Seems like he is calling for correction here.
I think we'll test 1020 and then bounce to 1040. I think I'll just cover at 1020 and then do nothing but just play my usual beat down plays for bounces. I know we're going lower but I can't say we'll hit the fan because there is just too much liquidity dawg and plus there's likely a 2nd stimulus.
I think we've seen the highs for the year. I'm gonna short strength till Christmas because I don t see a year end rally coming.
Obama and the senate will do a 2nd stimulus dawg. Retail will also likely report stronger than revised down expected holiday sales. Month to month same store sales for November.
As for the average consumer, one thing is for sure.
The economy is definitely still in a recession.
Recruiters are still telling me it's tough out there. Still no jobs and no money.
It's clear what's going on. The economy is somewhat being held up by healthcare workers, govt workers, and the 3 out of 5 people that have jobs.
I don't think corporate mgmt thinks we've turned a corner. Otherwise they would be hiring. I expect changes starting from the beginning of next year because I know budget depts and cfo's are budgeting improvement in sales for next year. But that won't happens till January. So January we start turning around in relation to budgetary changes based purely on expectation.
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