The combination of the biggest jump in the unemployment rate in twenty years and the biggest one day oil price surge, sent the major averages plummeting on Friday. The S&P took out another support level, closing on its lows on a surge in volume (distribution). Volatility increased on the NASDAQ as well, but volume was slightly lower than Thursday's retest of resistance. The NASDAQ is holding its trend line. Not surprisingly, Transports shed 4.4% on higher oil. All the major indices are down on the week. The markets are headline driven so its important to keep abreast of the latest stories, day to day and even hour to hour.
The Nikkei is down almost 300 pts. at the moment, and rumours hinting that Lehman will pre-announce their first quarterly loss since going public as well as capital raising issues. Keep an eye on AAPL tomorrow as Steve Jobs is scheduled to keynote at 1:00 EST at the developers' conference.
On the economic calendar we have pending home sales tomorrow at 10:00. Thursday, we have retail sales and CPI.
No comments:
Post a Comment