Market analysis for week end Nov. 7th 2008

The Dow closed at 8,944 or up 248 points. I had expected a drop on the Unemployment news yesterday as the rise in the market seemed disconnected from the reality of this bad news. I expect that drop to occur this coming week. While the Dow did close up on Friday, it closed below its 20 day Moving Average. To me this reaffirms that expected drop. Add to that Obama's comment in his News Conference that there can be only one President at a time, it is obvious little can be done between now and January 20th by Obama and his advisors. They can try to get passed some bailout/rescue of the Auto Industry if the Republicans will go along with it as well as the President. But one can't be sure.

Look for this coming week the Dow to go back near 8,000.