Market comments for Nov. 18th, 2011
Today is Options Expiration for November so you should see high volume both at the opening of thew market today and also at the close. Troubles today in the Eurozone seem to be taking place behind close doors rather than in the press, so the Futures markets are up some as we go into the open. The economic data this week was somewhat better than expected with Initial Jobless Claims at 388K for the first time this low in a long time. Housing starts were also higher than expected. All good signs of a slightly better economy in the US with the emphasis on the word "slightly."
We have broken below that key support level of 1220 on the S&P 500 closing at 1216, but today we may go back above it.
We have broken below that key support level of 1220 on the S&P 500 closing at 1216, but today we may go back above it.
Labels: Eurozone, Initial jobless claims, Options expiration, SP500
posted by Charles Amico at 6:15 AM
2 Comments:
What is your overall view of what is to come as far as the markets are concerned? I know in the past you have stated the possibility of the DOW testing the 6000 level.
Still have those same thoughts?
I still see a market in decline as you can tell from my posts. However when I said we could go down and test 6,000, I was referring to a non manipulated market. This market has been manipulated so much it's a crime and somebody should go to jail for it. Therefore, when playing in a manipulated market you must play somewhat on the side of the winner. As the world seems to be unravelling in Europe, would you ever guess the markets would still be up as much as they are. With a failure to get an agreement to reduce the debt by the Congressional Super Committee, you would have thought the market would crash. But it just drops some instead of dropping so much it frightens lawmakers into compromise. We're not there yet, but if we want to solve our problems, it is necessary for the markets to crash to wake up the Congress.
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