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Monday, March 10, 2008

Nasdaq the Weakest of the Trio

Earnings have wind down, with a few more retailers reporting. Last week, we see the Nasdaq break Jan's low and S&P 500 and DOW are both near Jan's low as well. In the above short term chart by stockchart, we see the Nasdaq accelerating its downside relative to the other 2 major averages since mid Feb. Shorting or buying Puts on the Tech is a good idea.

What's to happen next? We won't see any significant market moving data coming out until end of the week. As I said in the earlier post, this market is now very news/event driven. Rumours of Fed cutting its rates earlier, credit or liquidity issues are swinging the market up and down. Adhere to the 3Rs:

Reduce number of open positions
Reduce number of contracts
Reduce time frame to avoid whipsaw


Otherwise, staying in CASH is an option too (excuse the pun)


Mon: Wholesale Inventories
Notable earnings: HOV

Tue: Trade Balance
Notable earnings: DKS

Wed:
Notable earnings: AEO, MW, SIGM, TBSI, VIP, ARO

Thurs:
Retail Sales, Business Inventories

Fri:
CPI, Michigan Sentiment, Fed Chairman Benarnke to speak about home onwernership
Notable earnings: ANN

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