* Surprise! TARP is ineffective! (MarketWatch)
* FedEx: profits up, jobs to be cut (WSJ)
* What’s a Halo, and why would I want to buy one? (Reuters)
* Massive fee in Madoff case (Bankruptcy Topics)
* Foreclosures up 25% on the year (Yahoo)
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Notice how now even the 200 day moving average has gravitated to the 1115 level on the S & P 500! Has the stock market, the ultimate “body in motion,” finally reached its proper resting point? On the S & P 500, the highest intraday point reached in October 2007 was 1576.09, with the lowest recent reading in early March 2009 at 666.72: That averages out to 1121.41, almost exactly where we are now after Moday’s [...] Looking at a quickie trade in BZQ (double short Brazil), which didn’t work out so well last time. But I picked up 1000 shares at the open today — we are at support and there is that nice gap at $22 from September 1st that I’m shooting for. Have a great weekend! [...] As of this morning’s open, the market is very close to where it started the year (S&P 1115), but also shows three promising unfilled gaps to the downside for aspiring bears to shoot for: It may be awhile before we get down to the 1050 area and fill that September 1st gap, but the [...] I’ve commented here before on how tough it is to apply the principles of technical analysis to the market as a whole, rather than to specific stocks or ETFs. A great example of this is the so-called Death Cross (50 day MA dropping below the 20-day MA) that formed in early July: Amazing how [...] As August went out with a whimper, September started right off with a nice fill of last weeks down gap. I sold my 150 shares of SPY for 108.18 — and a nice $486 profit: Sharp eyed observers will note that there now remains only two unfilled gaps on the S&P yearly chart — [...] |
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