We'll probably be range bound for a little while, but does anyone seriously think we could rally soon? Any catalysts? I cannot think of anything in February that could rally this market (without a drop first to suck in some bears/fuel).
Monday, February 4, 2008
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3 comments:
personally i think we're setting up for another leg lower and a retest of the lows at an absolute minimum. s&p should have strong resistance around 1400. volume is drying up. it is running into some declining moving averages as well and some fib resistance. so from a pure technical perspective the market seems to be running out of demand from both shorts covering and from bargain hunters.
we do still have some companies reporting earnings, so that could provide a catalyst, but it could be some unforeseen events that could spark a move either higher or lower. i don't see us trading in a range though.
Matt
Hope you survived the nasty storms in the last 24 hours in TN.
f
anon
yes i did :)
the worst of it appeared to be in west tennessee, especially in memphis and in jackson where a bunch of college students had to be rescued because they were trapped in a dorm that got destroyed. i think about 50 people have been killed in the outbreak overall with about 25 of them being killed in tennessee.
at about 7:00 this morning a tornado warning was issued for hamilton county (where i'm at) but i don't think one actually formed. apparently one did touch down in cleveland about 15 or so miles from where i live.
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