Market update March 12, 2009
The Market has been relatively cam and quiet the past few days and today seems a repeat. Lots of data out today. Here's some of it:
Jobless Claims came in at 654,000, an increase over the last report but only by 9,000. Expectations were 644,000 jobs lost so definitely a close prediction. And it is good news the rate isn't increasing significantly, but rather may be leveling off as well. Retail Sales were down 0.1%. Business Inventories were down 1.1% in January compared to being down 1.6%. So maybe this is starting to level off and sales are closer aligned to inventories. This is also a good sign.
The Dow currently is up about 30 points after opening lower. The Dow seems to be having some difficulty getting and staying over 7,000. If we are going to go higher we must close and stay over 7,000. Right now it proving to be resistant. But maybe we will have 3 days of positive market action. Gold is up over $900 and did so yesterday and continues today. Oil is at $44/barrel.
The VIX Index continues to drop and is currently at 43.21. The Put to Call ratio closed yesterday at 0.75 and still high by yearly comparisons but relatively low given the past 3-4 months of exceptionally high numbers around 1.47. If the market returns to some sense of normalcy the number should be below 0.40 for market sell signals I use to use in 2001 to tell folks to sell.
And one last item on my holdings. I still own all of my purchases in TNA, SSO, AAPL, F, etc. and have no plans to sell.
Jobless Claims came in at 654,000, an increase over the last report but only by 9,000. Expectations were 644,000 jobs lost so definitely a close prediction. And it is good news the rate isn't increasing significantly, but rather may be leveling off as well. Retail Sales were down 0.1%. Business Inventories were down 1.1% in January compared to being down 1.6%. So maybe this is starting to level off and sales are closer aligned to inventories. This is also a good sign.
The Dow currently is up about 30 points after opening lower. The Dow seems to be having some difficulty getting and staying over 7,000. If we are going to go higher we must close and stay over 7,000. Right now it proving to be resistant. But maybe we will have 3 days of positive market action. Gold is up over $900 and did so yesterday and continues today. Oil is at $44/barrel.
The VIX Index continues to drop and is currently at 43.21. The Put to Call ratio closed yesterday at 0.75 and still high by yearly comparisons but relatively low given the past 3-4 months of exceptionally high numbers around 1.47. If the market returns to some sense of normalcy the number should be below 0.40 for market sell signals I use to use in 2001 to tell folks to sell.
And one last item on my holdings. I still own all of my purchases in TNA, SSO, AAPL, F, etc. and have no plans to sell.
Labels: AAPL, Dow, F, Gold, jobless claims, Retail Sales, SSO, TNA
posted by Charles Amico at 7:02 AM
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