NY4Ever 4 Ever

[NY4Ever]

Failure of the Dow to close over 10700 Monday was a negative and should not be taken lightly. The Dow is headed for 10540 and the Nasdaq 2200 providing a splendid buying opportunity. GOOG will not disappoint on Monday so any weakness is a buying opportunity. Stay tuned. Stay cautious.

[NY4Ever]

Make sure you have enough cash on hand to take advantage of another sharp selloff such as we had last Friday.

[Runner]

Make sure you have enough cash on hand to take advantage of another sharp selloff such as we had last Friday.

I don’t like the action in the markets right now and so I’m in cash. I was expecting a little more from the bulls and was thinking a sucker rally may be upon us?

[NY4Ever]

Continue to urge caution. Would be very surprised if the Dow managed to close over 10700 today. Would not at all be surprised should GOOG close under 430. Make sure you have enough cash on hand for the next meltdown.

[NY4Ever]

The Nasdaq could manage to hold 2240 rather than the 2200 level I have been suggesting. Dow is headed for 10550 - 10575 level based on my current analysis. This will prove to be a good buying opportunity. There has been quite an effort today to close the Dow over 10700, but the bears appear right now to be in command. Stay tuned. Stay cautious for now, but get ready to buy.

[NY4Ever]

As soon as I posted my last message, a buy program hit sending the Dow rallying almost 20 points from being down 33 to being down 14. Since then, the bears have tried feebly to send stocks lower. This battle is like a football game with the team who wants it most will prove the winner. As I posted previously, there has been a determined effort all day to close the Dow over 10700 and that effort continues. Just have to see how it plays out, but the bulls are now in charge once again.

[Websman]

I wish the bulls and bears would figure it out...I'm getting whiplash.

[NY4Ever]

Failure of the bears to close the Dow under 10700 yesterday is the main technical reason for today's rally. This suggests that 10700 is likely to hold for the remainder of the month as month end institutional window dressing is now in effect. Would not chase the morning strength with the up 62, but can buy selectively on weakness during the day.

[Websman]

What about Iran? Are we going to pounce on the sleaze bags? If so, will this bring the market down?

[NY4Ever]

Issuing a sell with the Dow up 25 and the Nasdaq 13. Inflation is the problem as the Fed will point out Tuesday, Cash in some chips and wait to buy next week.

[NY4Ever]

Ouch ! When I am wrong -- I am wrong BIG TIME. That said, no one ever went broke taking a profit.

[NY4Ever]

The Week Ahead:

Tuesday: Consumer Confidence 10:00
NAPM - Chicago 10:00
Fed Meeting 2:15
State of Union 9:00

Wed: ISM Mfg. Index 10:00

Friday: Employment Report 8:30


Will OIL hit 70? Stay tuned.

[NY4Ever]

Wednesday's market was a blue chip special with the Dow up 89, the S & P a pathetic 2.38 and the Nasdaq 4.74. Most of the gains came late when oil prices collapsed in the final 30 minutes of oil trading after reaching 69. Also helping out was the first day of a new month when MF managers have fresh money to put to work. The price of oil will determine whether Wednesday's rally has legs or was just a one day affair.

[NY4Ever]

Unit labor costs has trumped weakness in oil today thus far. Interestingly, the treasury market is flat.

[NY4Ever]

Numerous buy and sell programs today creating much volatility. Next week 48 billion in Treasury re-financing not likely to be well received. Tomorrow the IAEA will recommend sending the Iran issue to the Security Council. Seattle will upset Pittsburgh in the SB. Bottom line: All 3 major indices should close very weak near their lows for the day.