Monday, June 15, 2009

Market summary for June 15, 2009

The markets were down today for the entire day. The Candlestick patterns for all 3 Indexes confirmed the reversal form last week. All 3 Indexes, the Dow, Nasdaq and S&P 500, closed with a Hammer pattern. The pre-market started off with the Empire State Manufacturing Index for June continued to deteriorate to -9.41 compared to May's data of-4.55 for state of the manufacturing sector. This was not good news for those hoping for a recovery.

I expect tomorrow to be a repeat of today and the market to go lower. Remember this is Options Expiration week for most Options. Refer to the schedule in the previous posting to know what expires each day for the rest of the month.

TZA shares gained today closing at #22.64, up 8% for the day. As predicted the VIX index closed at 30.81 after reaching a high of 31.09 in light volume.

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