Dow & S&P 500 market analysis
Asia and Europe are down due to worries about the Swine flu pandemic. US market futures are dropping like a fly overnight too. However it’s at daily pivot support now and may snap back up for a smaller gap down at market open. With the worries about the economic still not over and now the pandemic and the approaching “sell in May and go away” effect, we might be going down for a while.
Direction for 04/28/2009 Tuesday: Gap down and down
Crude Oil (USO)
Fears about the pandemic have caused all airline stocks to tank, and together with it, crude oil prices. Crude is still holding strong above support at 48, but if it tanks, we might see crude going down to test previous low at 33.50. That would be around 23 for USO.
Direction for 04/28/2009 Tuesday: Down
Tuesday, April 28, 2009
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