Thursday, September 08, 2011

Market comments and some political commentary for Sept. 8th

Initial Jobless Claims released today showed an increase, as there were 414K for the week ending 9/3. The previous week's data was also revised upwards from 409K to 412K.

Yesterday the Dow climbed back above the 400 day Moving average to 11,414. The 400 day MA crosses the axis today at 11,300. We continue to play the range of between resistance at 11,500 and support at the 11,000 level. The volatility is like a yoyo, one day very high and then next day very low. Until we get a breakout from these levels we may experience this tight range continuing for a while. The 200 day MA crosses the axis at just slightly under 12,000. I do not see us going up to this level anytime soon, but I do see us going below the 11,000 level. It won't take much to do it either.

The President's much anticipate speech tonight, but preliminary reports suggest it is more of the same and little big ideas, as was hoped by many. And last night was the 1st of several Republican Presidential debates joined by the newest Republican to throw his hat in the ring, Rick Perry, Gov. of Texas. I thought Mitt Romney did a good job in the debate and I thought so did Rick Perry. I don't like Perry's ideas and I question his record in Texas as something to be proud of, but nonetheless, he did well as a candidate in presenting himself. I thought Huntsman also did a better job than he had done before and I thought Rep. Michelle Bachmann lost ground.

The Futures are down this morning. The Dow is down about 65 at 6:00am PST.

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Blogger Minneloushe said...

Obama's speech was great. Too bad he has not spoken like this all along; especially before the 2010 elections. Still the best president of my lifetime, although certainly has made some tactical errors (who doesn't ?).

3:34 AM  

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