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Tuesday, January 22, 2008

World Markets Nosedive

It was an aweful day for the stock markets worldwide yesterday, even though the U.S market was closed. This is a 15 min screen shoot of the S&P 500 futures (E-mini) as I'm writing now:

At this point, the futures is down by almost 5% from Friday's close! Looking at this chart, see how it is unable to break through the 20EMA (red line) and as of now, 1260 level is acting as a support and I see 1285 as the next level of resistance.

The triangle breakdown of the S&P 500 I talked about earlier has made the full measured move and more. Let's see if we'll have any capitulation today.


Mon: Holiday (Martin Luther King Day)

Tue: Treasury Sec Paulson speaks about economic outlook and housing
Notable earnings: AKS, AAPL, BAC, CNI, CREE, ETN, JNJ, HOKU, PCP, SU, TXN, UAUA, WB, ABK

Wed:
Notable earnings: APD, ABT, COF, AME, CHKP, CTXS, COP, EBAY, EXC, FFIV, GD, MOT, NFLX, NE, QCOM, QLGC, RYL, ROK, VAR, UTX, SYK, SYMC

Thurs: Existing Home Sales, Greenspan to speak about U.S. economy
Notable earnings: AMGN, T, BRCM, JNPR, WFR, LRCX, LEN, MFST, NOK, POT, SPWR, SYNA, TXT, VPRT, NUE, VSEA

Fri:
Notable earnings: CAT, HOG, HON, GWW

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