Monday, November 29, 2010

Just a short note on the stock market for today

Today's Futures on the Dow and other Indexes are pointing down at this hour in pre-market. European markets are down about 1% or more in the face of the Ireland bailout over the weekend. One note here was that on Nov. 26th in our markets, the Put to Call ratio at 9:00am hit a new low of 0.57 which was another sell signal. It recovered during the day to about 0.85, but today, with the market looking to go lower, the Put to Call ratio will rise. Watch for the Dow and S&P to stay within the range of the 25 and 50 day Moving average because a break up or down will signal a new trend.

As promised the hype about the Shopping this weekend being very good, arrived on time and with the gusto I predicted. That is all they have been saying on CNBC this morning. They trotted out Abby Joseph Cohen to tell us she expects the S&P500 to go to 1350. Here we sit at 1189 as of the close on Friday. That would be at least another 10% gain.

UPDATE: 9:00am PST

The Put to Call ratio hit a peak this morning at 10:30EST of 1.19. This could signal another reversal to the up side for today.

Labels: , , , , ,


Post a Comment

<< Home

Technorati Profile