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Market Open: No New Low, Consumer Confidence Better

July 29, 2008 10:08 AM

We “may” be ok today, but they sure are not going to make this easy as we did not make a new tradable low. It would have been far easier if we made a new low, then reversed and give everyone a point to trade from. No such luck. Longer term i do not like yesterdays lows in the futures, so once again, if we get back in that range again, nothing to stop the fall.

The problem with these huge drops, is just like the falls, there is nothing to stop this move to the upside, other than SMA’s.

My issue with the market here is not the Dow or the Nasdaq as they both made tradeable lows on 07/15. The problem is the SP. It never has rejected a low, IMO, of any kind, and remains the cause of my skepticism. Today’s action is once again building a “house of cards” with nothing to stop the fall if we get more bad news in the days ahead.

Once again, the market is moving on an oil drop and a seemingly daily “this is the bottom because more bad news” mentality on financials with the Merrill news and C analyst call of more writedowns coming. This view has been proven wrong over and over, but who knows.

Written by Tom@StockBlade.com · Filed Under Pre-Open 

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