8:37AM - Wow, those numbers really sucked (-598K/+7.6%). We lost a total of about 3.6 million jobs since the recession started in December 2007, FYI.
Here’s WSP to make you feel better (WARNING: Extremely Offensive):
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We are at a critical juncture at the moment. The market was creating a flag all day yesterday right above the 20-day MA. It's obvious that the Employment Situation and/or the Senate vote on the stimulus/bank plan will be the catalysts that will allow the market to exit from this month long symmetrical triangle.
At this point, it looks like it'll be an upside breakout. Many financials are showing reversal signals, such as hammers/doji, and those signals are supported by massive volume, e.g. BAC. If the financials lead the market, then we definitely go higher. Keep in mind the following levels on the SPX:
Support: 820, 815, 805 -> total breakdown
Resistance: 850, 855, 860 (30-day MA), 867 (50-day MA), 875.
Don't forget to try the Free Trend Analysis. It's FREE, so give it a shot!
1 comment:
As an off beat investment I have been buying wines. Buy some bottles of the current vintage of "Marylin Merlot". (Google prices) Then collect as many previous years' vintages as money and time will permit. Properly store at 55-59 degrees with appropriate humidity etc., and forget them for about ten years, while adding to your collection upon each consecutive year's release. NOTE: this wine is not for drinking, but is rather for collecting and trading..One buys it for the label, not the wine.
Another wine likely to appreciate once it hits the trades shows and is properly rated, is: Andrew Hardy, Shiraz, "Little Ox", 2006. Only around 650 barrels, and its older brothers all appreciated over five fold upon final WA/Parker rating. Of course, one MUST store properly and protect the label..This one is for collecting but also drinks very well, and will only improve over the next several years. Hence, it is win/win. IF it appreciates you make a buck or two, but if not, you have a truly fine shiraz, which will only increase in complexity over time.
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