I’m going to be missing things today but here’s what I see at 7am:
Asia: Sell off very mild but indices finished at day’s low. Concerns are that US will drag down global growth and Japan already had a steep drop (5.2%) in machinery orders, which is serious because machinery orders are 15% of their GDP.
Europe: Nestle is buying Gerber for $5.5Bn but no excitement otherwise as Europe is drifting down ahead of our open.
US: We are failing critical levels today so let’s initiate another round matress plays if we lose 2 more levels. There’s really no market moving news so we’ll just have to see which way the wind blows today:
|
|
|
Day’s |
Break |
50 |
62% |
Break |
|
Index |
Current |
Move |
Down |
DMA |
Fib Level |
Up |
| Dow | 12,484 | -89 | 12,400 | 1,245 | 12,528 | 12,650 |
| Transports | 2,792 | -20 | 2,736 | 2,817 | 2,889 | 2,983 |
| S&P | 1,438 | -9 | 1,410 | 1,426 | 1,427 | 1,460 |
| NYSE | 9,413 | -55 | 9,250 | 9,250 | 9,218 | 9,465 |
| Nasdaq | 2,459 | -18 | 2,400 | 2,440 | 2,454 | 2,500 |
| SOX | 471 | -5 | 470 | 472 | 477 | 490 |
| Russell | 808 | -6 | 790 | 798 | 803 | 820 |
| Hang Seng | 20,380 | -69 | 19,400 | 19,941 | 20,192 | 20,600 |
| Nikkei | 17,540 | -129 | 17,200 | 17,417 | 17,617 | 18,000 |
| BSE (India) | 13,113 | -69 | 12,750 | 13,425 | 13,814 | 14,200 |
| DAX | 7,117 | -36 | 6,700 | 6,818 | 6,830 | 7,100 |
| CAC 40 | 5,717 | -36 | 5,500 | 5,597 | 5,601 | 5,780 |
| FTSE | 6,385 | -28 | 6,200 | 6,298 | 6,297 | 6,450 |
I don’t have a lot of hope for the markets as oil insists on heading higher, up .60 in Europe. Slowing economy and rising oil prices is really not a good combination and we can expect a violent reaction to negative retail sales numbers today so let’s watch out for that.
It’s interesting that gold can’t break $680 with all this going on and oil is having trouble at $62.50 and those are the things that are giving me hope but the dollar is just so pathetic I’m not sure I see a catalyst for a turnaround.
Be careful out there today!
