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Wednesday, September 03, 2008

Chop Chop Chop!

What have we got here? Nothing but choppy markets! From the chart above, the S&P 500 has been contained in a 40 point range (1260-1300) since August. The 1300 level mark is a tough nut to crack, given it is the longer term down channel resistance and also a recent horizontal reistance. We will need to see a clear break of either 1260 (downside) or 1300 (upside) to have a better sense of direction.

Tue: ISM Index, Construction Spending
Notable earnings: ACH

Wed: ADP Employment, Factory Orders, Fed's Beige Book
Notable earnings: JOYG, SNDA, HOV

Thurs: Initial Claims, Productivity, ISM Service, FOMC member Fisher speaks about US Economic challenges, UK rate announcement
Notable earnings: TOL, COO

Non Farm Payroll, Unemployment


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