The bounce from 804 to 875 hit the 50% Fib from the Santa Rally high of 943.
The break down of General Electric (GE) is foreshadowing more pain in the broader market indices...
The 800 area on the S&P 500 (SPX) is likely to be viciously assaulted by the Bears in short order. The Bulltards will make their stand here, and almost certainly get massacred.
Goldman Says Buy Puts as U.S. Stocks May Resume Drop (Update1): "Investors should buy put options on the Standard & Poor’s 500 Index because the benchmark for U.S. stocks may fall back to the 11-year low it reached in November, Goldman Sachs Group Inc. said.
“Dismal” fourth-quarter profits and forecasts from companies as well as waning investor confidence in President Barack Obama’s economic stimulus plan may drive the S&P 500 toward 752.44 in the next month, Goldman strategists said."
The break down of General Electric (GE) is foreshadowing more pain in the broader market indices...
The 800 area on the S&P 500 (SPX) is likely to be viciously assaulted by the Bears in short order. The Bulltards will make their stand here, and almost certainly get massacred.
Goldman Says Buy Puts as U.S. Stocks May Resume Drop (Update1): "Investors should buy put options on the Standard & Poor’s 500 Index because the benchmark for U.S. stocks may fall back to the 11-year low it reached in November, Goldman Sachs Group Inc. said.
“Dismal” fourth-quarter profits and forecasts from companies as well as waning investor confidence in President Barack Obama’s economic stimulus plan may drive the S&P 500 toward 752.44 in the next month, Goldman strategists said."
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3 comments:
This is reminiscent of aig. The capital arm of ge must be pretty toxic.
Just as the line in the sand for gold is now $900 enforced by a bunch of broke bullion banks such as JPM with the Fed's backing, you have 8000 on the Dow and 800 on the S&P enforced by the PPT (President's Working Group etc). Price action makes market commentary. As Chris Powell says, "There are no free markets. Only interventions". The PPT is a fairly powerful Bulltard. Both of those intervention will crack eventually IMHO but when !
Josh
Oops.
Beartards are getting reamed.
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