Will it be Gloom or a Boom?

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Will it be Gloom or a Boom?

Post  harpal1980 on Fri Aug 07, 2009 1:33 am

Another day of profit taking was characterized on Wall Street yesterday, as the major stock indices pulled back for the second day in a row. Even though economic data showed a promising situation, investors looked passed the results, preferring to take profits, prior to today’s important event. Out of the 9 major sectors on the Amex, only the Industrial and Utilities sector finished the session with a gain. The S&P500 finished the session with a mild loss of -0.56% while the Nasdaq closed down by -0.88%

Initial Jobless Claims surprised investors during pre-market hours, coming out at 550.00k, compared to last week’s figure of 588.00k

From a technical point of view the S&P500 is now trading around major resistance, after presenting an enormous rally. Even though the technical level is also acting as a psychological level, today’s NFP result could send the index rocketing through resistance. A better than expected result could drive optimism higher, encouraging more buyers into the market, while a weaker number could give technical resistance further strength, preventing an immediate break.



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Re: Will it be Gloom or a Boom?

Post  forexboy on Fri Aug 07, 2009 5:39 pm

Is there such a thing of -0.5 loss?

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