Morning Call: Not Much News, Oil Inventory Data At 10:30 EST
August 6, 2008 9:30 AM
There isn’t any economic releases today unless something breaks in intraday. The market should try and bounce on weakness early in the day. Late day it is far more difficult to know as it depends. The daily trend on the SP is about 1265 or so.
The market opened at about 1279 on the futures, so a small gap down. Will need to see the gap reaction early.
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I think we “should” bounce in here early on…
Bounced about where i thought was likely, thus far..If we can get over todays high and hold it, should see a short cover spike, I would think..
Keeps backing off below the high….I still believe if we are going to get big weakness it is likely to come late, not early, but we do have oil numbers soon…
Tom we would love some insight with regard to the Fed’s decession to unchange the prime rate? I am confused I assumed we would see this rate decrease. Give me your insight sir. Thanks
The market will have to decide whether to take out yesterdays high here soon…key sma’s are going to force a decision very soon…
Careful here….we could reverse…if we get decidely negative into the close, this may sell hard..
Not certain where we are going here….If we can push through the high lae, we will likely close at the high…it is possible that is the high of the day….it is too early to know..
The market is trading on oil - again. i am sooo tired of that silliness
The charts do not agree…and it is still early in the day…so its not moving much - yet..
It keeps bouncing off SMA line…if we get under those late this appears a house of cards, especially if we cannot clear the high here…
Its trying…1285…high was 1285.75….this is a beating…
cleared….
We would have to close out 2:30 below 1284.50 to maybe cause problems…other than that, shorts may really cover here
No sign of a high, but 1293 was an issue last time in this range
Well, we are either going higher or going negative…take your pick..
If we close out 3:30 below 1286….the last second rout could be on…
grrr…closed at 1288…not going to make it that easy…
What a whipping…..if we can clear the high into the close the shorts will probably scramble…if if
Well, another “oil” day. This thing is one huge house of cards….all of the lows for 2 days have been sma related…not good if an when this turns…
Brent, the Fed left it unchanged and indicated no hikes soon…not great for bonds, IMO. If they had started hiking we would have seen the bonds invert, most likely. I believe they can’t hike as we would likely see far more bank failures, and they know it.