Wednesday, December 17, 2008

Technical Picture - Post Fed Consolidation

The good news is that we manged to hang on to most of yesterday's gains. The bad news is that technology, which accounts for the largest weighting in the S&P 500 at roughly 15%, finished 1.7% lower. AAPL is in a funk after announcing no Steve Jobs at MAC World and that it must end its exclusive deal with one of France's network operators. The Nasdaq chart above is not very inspiring on the long side because it looks like a rising wedge.

Next two days could be choppy as we head into OPEX.

Economic Calendar: initial claims in pre-market; leading ind. and Philly Fed at 10:00.

The USD is getting close to support around 77 and the gold play as depicted by the ABX chart below is just about cooked, for now. Expect profit taking at these levels. Energy is coiling.

1 comment:

Anonymous said...

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.