Morning Call: Initial Claims Up Big
August 7, 2008 9:48 AM
We are going to gap lower as Initial Claims was up 455,000, a big number. We need to not challenge the gap for time to possibly apply big pressure today. SMA lines on the futures suggest big pressure early is not likely unless we can stay down for a long time and not challenge the gap/
Comments
42 Responses to “Morning Call: Initial Claims Up Big”
Got something to say?
-
Recent Commentary
- Market Recap: Called Today’s Action On The Money Almost Literally
- Market Update: My Note On Caution at 1285 Has Proved Correct Thus Far
- Market Open 1272: Trade Should Be Long Checkdowns, But May Take Some Time For Real Strength
- Morning Call: Futures Move Higher On Durable Goods
- FDIC Report: 117 Financial Institutions In Trouble, One Big Problem, I Do Not Believe It
- Consumer Confidence Up? This Is Clearly An Indictment On Public Education
- Market Direction: While The Chart Still Says Long….
- Market Recap: 1261 Held once Again
- Market Update: Market Was Bought Early, 3:00 EST Is Likely Key
- Market Open: 1263.25 Early Low
- Morning Call: Futures Flat, New Home Sales At 10:00, FOMC Minutes Late
- Market Recap: My Gap Rule Ruled The Day
- Market Update: 1261 Should Hold - If Not We May See Panic
- Open: 1285, 1282.75 Still Important
- Morning Call: Decision Time
- Market Update: Typical Trend Day Higher Early As Predicted, Now The Outcome Is Clearly In Doubt
- Market Open: Watch The Gap Reaction
- Morning Call: Futures Up, Long All CheckDowns Early Should Be Play
Our Mascot Trading Goal: Ferrari 599
This should not be a trend day down, the gap is likely to fill here..
Not sure if the gap will totally fill or just partially. I do not like the low as I see things, but it is possible that is today’s low…will just have to wait and see how it plays out here
There should be buyers above todays low, at least early here…
I think we will bounce 1274-1275… if we get there, that is
This is a mixed up chart…thats why it isnt moving here…no firm high, as i see things…gaps “generally” fill on patterns like this, but has only partially…
ok, wach out for a reversal attempt near 1375 if we spike lower here….not certain, but watch out for it
hmmmm, was hoping for an early spike down after 11:30 and reverse, didnt happen…dont like it now…
Boy, they are just going to make this easy…
There is no clarity here at all, that is why you see this crazy up down action. No firm high, gap has only partially filled, possibly seen the low - maybe….it is just very unclear and certainly no agreement.
Ok, there we go…we need to reverse in here somewhere…
Keep in mind we NEED a reversal I believe..
Its trying…recent low is close to where i said…1275.25
ok, has done exactly as thought…recent low 1275.25….i think we will run a bit higher here..
We need to close out 12:30 above 1277, ideally…and hold this recent low…if this low doesnt hold, then we only have todays low left…
Bingo…all the way to 1280.50, thus far..
SMA’s are causing an issue here…but I still believe this gap will fill…meaning we have not seen today’s high - most likely..
New High…
Bounce off 1283 was right against a key SMA i watch…
We would have to close out 1:00 below 1279.50 to make a possible high, IMO…otherwise checkdowns should be bought
Bob on CNBC…what nonsense…” I said oil got to even we would rally”… Uhhh we rallied because we reversed where i said …you dumbass.. ha ha… he knows nothing
If we close out 1:30 below 1277.50, it will make the longs nervous…
Yawn…checked down to 1279…back to 1281 plus already….couldnt have guessed that….ha
We need to hold above this range of 1279 or so i believe..
Make that 1278.25 it appears…we need to close out 1:30 above it…or this may get very dicey..
I think we are going much higher
I would be very surprised if we cleared 1279.50 or so to the downside here…
hmmm 1279.50 on the nose…ha…spike all the way to 1281 already…. I still believe we are going HIGHER
The recent highs are SMA related…2 lines there…I still believe this gap will fill…someone wake me at 1287
1282.50 is a direct hit on the SMA…we need to get over that and hold to get this going it appears…
Its getting a bit violent as there is a clear difference of opinion on the charts….people are likely selling against that line…others are buying above another…
hmmmmm we need to reverse and soon…that dang line has won this battle, this far..
well, I was wrong on that…should have listened to that stupid line since it had bounced off it at 1283 earlier, and then again at 1282.50 later…. still think we will once again reverse…we will see…
1275.25 “should” hold here….if it doesn’t then i am not sure what will happen…
hmmm bounced just above it…twice… the market is clearly deciding here..
Well, that same line is about 1281 and change…lets see if it acts like a wall again..
hmmm only got to 1279.50…the market keeps trying to decide if 1275.25 is going to hold…if it doesnt, then I guess we will test todays low it seems
amazing…well, there was a violent spike once it cleared
We need to reverse above todays low…ot this may get very ugly into the close…still surprised a stupid sma line has put a lid on the market, lol…ohhh well
ok, we HAVE to reverse here…
we cleared the low, I could be totally wrong as i thought the gap would totally fill, obviously….but this may get very very ugly here unless we make a clear reversal…
GRRRRR the reason for this was news…. Thanks again CNBC for giving me TIMELY info…. Moodys downgraded debt of American Express…or at least put their debt on notice for a downgrade… I knew something had to be going on… ughhh
sorry… didnt know
The other side of that SMA line is about 1269…bounced directly off it at the low..