Thursday, September 18, 2008

Markets Fading

Markets fading after a weak rally attempt, today. GOLD 874.60 +25.10.
Nyse 7494, Dow 10665, S&P 1157

I will be selling IWM, and keeping a eye on the SPYs and QQQQs, looking for a drift lower over lunch. As always I maintain a trailing stop on any position. No motivation for serious money to come back into the markets, no confidence. Just waiting for the next breaking news story.

Gold should be retesting $1000 level shortly, any move over $900 and a close above, would set that up nicely.

Lots of talk on the "street" regarding Money Market funds, are they in danger?

Another 40-50 billion might be needed to bailout (or what ever term they are using now)
the Auto industry, of interest here is that Michigan is a "battleground State" in this election,
so some type of support seems inevitable. GM approaching $10.00/shr

No comments:

FeedBurner FeedCount