Will it be Gloom or a Boom?

dodjit · 08-07-2009, 03:03 AM

Another day of profit taking was characterized on Wall Street yesterday, as the major stock indices pulled back for the second day in a row. Even though economic data showed a promising situation, investors looked passed the results, preferring to take profits, prior to today’s important event. Out of the 9 major sectors on the Amex, only the Industrial and Utilities sector finished the session with a gain. The S&P500 finished the session with a mild loss of -0.56% while the Nasdaq closed down by -0.88%

Initial Jobless Claims surprised investors during pre-market hours, coming out at 550.00k, compared to last week’s figure of 588.00k

From a technical point of view the S&P500 is now trading around major resistance, after presenting an enormous rally. Even though the technical level is also acting as a psychological level, today’s NFP result could send the index rocketing through resistance. A better than expected result could drive optimism higher, encouraging more buyers into the market, while a weaker number could give technical resistance further strength, preventing an immediate break.

Read the full article at Dodjit.com

Saintjames · 08-07-2009, 04:34 AM

Great writeup...Definite resistance at these levels. I think the worst is probably behind us and the media is now going with that idea, which is a nice change. September could be the forward part of the 'V' we have all been waiting on.

Miles · 08-07-2009, 02:16 PM

BooM! DOW rises to highest levels since November. We have officially blown through resistance...

NEW YORK (Dow Jones)--U.S. stocks rose Friday to their highest levels since November as a better-than-expected jobs report boosted sentiment following a two-day pullback.

The Dow Jones Industrial Average was up 172 points in recent action to 9428, having reached the 9400 mark for the first time since Nov. 4. Its financial components climbed, with JPMorgan Chase recently gaining 5.5% and American Express up 5.1%. Walt Disney also helped pull the index higher with a 5.5% rise. Meanwhile, the S&P 500 index climbed 18 points to 1015, and the Nasdaq climbed 39 points to 2012.

The gains follow two days of declines as investors grew increasingly nervous ahead of the July jobs data released Friday morning. Amid fears it could be worse than expected and snap the recent rally, investors took profits. But the report delivered a positive surprise.

Source: Will it be Gloom or a Boom?

08-07-2009, 03:03 AM	#1
dodjit Senior Trader Join Date: Aug 2009 Location: nicossia Posts: 102 Rep Power: 55 Reputation: 122	Will it be Gloom or a Boom? Another day of profit taking was characterized on Wall Street yesterday, as the major stock indices pulled back for the second day in a row. Even though economic data showed a promising situation, investors looked passed the results, preferring to take profits, prior to today’s important event. Out of the 9 major sectors on the Amex, only the Industrial and Utilities sector finished the session with a gain. The S&P500 finished the session with a mild loss of -0.56% while the Nasdaq closed down by -0.88% Initial Jobless Claims surprised investors during pre-market hours, coming out at 550.00k, compared to last week’s figure of 588.00k From a technical point of view the S&P500 is now trading around major resistance, after presenting an enormous rally. Even though the technical level is also acting as a psychological level, today’s NFP result could send the index rocketing through resistance. A better than expected result could drive optimism higher, encouraging more buyers into the market, while a weaker number could give technical resistance further strength, preventing an immediate break. Read the full article at Dodjit.com
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08-07-2009, 04:34 AM	#2
Saintjames UberTrader Join Date: Apr 2009 Location: Victoria Posts: 244 Favorites: LVS \| VMW \| GM Rep Power: 103 Reputation: 1082 Did I help?	Great writeup...Definite resistance at these levels. I think the worst is probably behind us and the media is now going with that idea, which is a nice change. September could be the forward part of the 'V' we have all been waiting on. Last edited by Saintjames; 08-07-2009 at 05:26 AM..
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08-07-2009, 02:16 PM	#3
Miles Seeking Bottoms Join Date: Mar 2009 Location: Vancouver Posts: 750 Favorites: LVS, FAS/FAZ, POT Rep Power: 221 Reputation: 3519 Did I help?	BooM! DOW rises to highest levels since November. We have officially blown through resistance... NEW YORK (Dow Jones)--U.S. stocks rose Friday to their highest levels since November as a better-than-expected jobs report boosted sentiment following a two-day pullback. The Dow Jones Industrial Average was up 172 points in recent action to 9428, having reached the 9400 mark for the first time since Nov. 4. Its financial components climbed, with JPMorgan Chase recently gaining 5.5% and American Express up 5.1%. Walt Disney also helped pull the index higher with a 5.5% rise. Meanwhile, the S&P 500 index climbed 18 points to 1015, and the Nasdaq climbed 39 points to 2012. The gains follow two days of declines as investors grew increasingly nervous ahead of the July jobs data released Friday morning. Amid fears it could be worse than expected and snap the recent rally, investors took profits. But the report delivered a positive surprise. Source: Will it be Gloom or a Boom? __________________ Please note that all information on securities I provide is merely my own opinion and any advice given is purely speculative and should not under any circumstances be considered investment advice. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation.
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