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October 13, 2005
Market Musings
RTH formed a bullish engulfing three weeks ago and a hammer yesterday. These show support, but RTH needs to break above 94 for this firmness to turn into enough buying pressure worthy of consideration for a trend reversal.
Bonds did not provide a safe haven as the iShares ~20-year T-Bond Fund (TLT) moved below its August low.
The S&P 500 Equal Weight Index (RSP) broke its Aug-04 trendline and June low. Even the small and mid-caps are getting hammered.
The Dow Utilities is entering a support zone around 390-400 from the July-August consolidation.
CNNMoney is running a story on the bright prospects for the Big 3 Auto Makers in 10 years time. 10 years? Who has 10 years to wait? Give me a break.
Prudential downgraded Intel. After the stock was already down 20% and AMD had risen from 15 to 25 (May to Sep). What took so long?
Despite two big down days in the Nasdaq, DY is holding firm and even managed a small gain with two days of above average volume.
Jon Markman of TheStreet.com thinks that Polaris's star has dimmed and lower prices are ahead.
Posted by Arthur B. Hill at October 13, 2005 06:24 AM