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The Dow Futures Report
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Stocks Rally Despite Bears
Fri, Apr 18 2008, 10:31 GMT
by Carley Garner
**Read my article “Tips and Tricks” in this month’s bonus issue of Stocks and Commodities!!!
Although equities traded in red territory much of the day, the action was somewhat impressive given yesterday’s seemingly out of control rally and today’s less than impressive earnings and economic news. Picking a direction is tough, but my “gut” tells me that we are going to see the top of the range before we see the bottom. Will this be the breakout or another failed attempt?
Merrill Lynch posts a first quarter loss for the third consecutive quarter. Additionally, the world’s largest brokerage reported that they would be cutting another 3,000 jobs on the heels of another $6.5 billion in fresh write-downs. John Thain, the firms newly hired CEO warns that things were unlikely to improve in the next couple of quarters.
“This was about as difficult a quarter as I have seen in my 30 years on Wall Street,” according to Thain. “We are planning for a slower and more difficult next couple of months and probably next couple of quarters, but are also hopeful for our full year 2008 results.”
This month’s Philly Fed triggered market jitters, but wasn’t enough to knock the bulls off track. The index was reported at a negative 24.9, however; most manufacturing executives were “cautiously optimistic”.
The market hasn’t had much luck in holding gains before a weekend. While from a charting standpoint 12,782 looks to be the next target for the Dow, option expiration and the Friday plague may prevent that from happening.
Please note: A mini-sized Dow chart is used because it is better for charting purposes, but trade recommendations are based the full sized Dow unless otherwise noted.
Dow Recommendations...
**There is unlimited risk in naked option selling and futures trading
Position Trade – Flat
Please note: A mini-Nasdaq chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.
Nasdaq Recommendation
**There is unlimited risk in naked option selling and futures trading
Position Trade – Flat
Published on Fri, Apr 18 2008, 10:44 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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