Tuesday, September 28, 2010

Market comments for Sept. 28th

I was waiting to post this morning for the Consumer Confidence number to be released. Well it was and it did definitely disappoint with a reading of 48.5 with expectations set for a number of 54.0 so that this is the first number below 50.0 in a very long time and not good for the market. The number for August was 53.5. The number is often a good predictor of Consumer Spending. This is another one of those rare numbers which the government can't manipulate. These are quite grim numbers according to analysts on CNBC this morning.

One other note on the market. Both the S&P 500 and the Dow had Hammer Candlestick patterns yesterday at the close and I did expect a down day in spite of the early market rise. See both charts below and the 2nd last candlestick, as this is today's chart so far through this morning. I know, easy to say after the fact, but it was true. I have been very consistent about this indicator which often marks a reversal in trend is about to happen.

That's all the data to be released today. Earlier the Case Shilling 20-city Index was released and it came in at 3.18% vs an expected number of 3.1% and June's reading of a revised downward number form 4.23 to 4.21%. Originally the expectations were for the number to be 3.3% but it was revised earlier.

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