Morning Call: Decision Time
August 25, 2008 8:23 AM
The futures are about 1290 an hour before the open. Therefore, the market has to decide today, most likely, whether we are going to go past 1300 and stick, or not. If we clear Friday’s high watch out for a reversal. If we cannot take out 1302 on the futures, they we should get pressure late in the day. The market is likelt to try and bounce early unless we immediately take out Friday’s high and reverse.
We have Existing Home Sales at 10:00 EST that may determine if we reverse early or not.
Open Update: 5 mins before the open the futures have weakened. SP down 8 plus. This appears to be a trend break in this range. This is going to make things more difficult. I wanted a clearing and reversal to get things rolling to the downside in coming days. However, we do have a pattern of rejecting this 1290-1310 range. Credit crisis issues are still weighing on the market.
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