The Markets Wait
Mon, Aug 18 2008, 15:10 GMT
by Andrei Pehar
Not a whole lot to report today. Choppy, rangy markets - so be careful out there. Draw your trendlines, and trade inside of them - until price gives you a break followed by a successful re-test (support becomes resistance, and vice versa).
All eyes will be on consumers this week, as many US retailers report their Q2 earnings and overall sales for the first half of 2008. We will also get Canadian retail sales on Wednesday and UK retail sales on Thursday.
Oil is still obeying resistance at 115.60, and gold continues to trade below 795.26. Musharraf has agreed to step down in Pakistan, and Georgia and Russia have signed an agreement (however Russia has not yet shown any signs of pulling out). The markets are currently waiting for a direction to emerge.
