Thursday, March 19, 2009

Dow & S&P 500 market analysis for 03/19/2009

Dow & S&P 500 market analysis

Oh well….the Fed surprised everyone including me with their announcement that they will buy up large quantities of Government debt. I thought bailouts were the best idea they could come up with.

This caused a huge rally after the announcement was made. But the rally stopped short of the 50 day moving average on the S&P 500.

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Today I believe the index should be attempting to break above it, failing which, we may be back for 1-2 more down days.

Direction for 03/19/2009 Thursday: down

Crude Oil (USO)

USO broke above the 50 day moving average and did not tank below for the 2nd day. Today it may meet some resistance at 30 which I believe it should break above with ease.

Direction for 03/19/2009 Thursday: Down then up

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