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created: 2007-08-30 08:13:42
Weekly Update
++++++++++++++++++++++++++++ August 24th Weekly Update http://www.swingtradinglab.com/ GET YOUR FULL REPORT BY LOGGING INTO THE WEBSITE SUBSCRIBE TO GET YOUR FULL COPY ++++++++++++++++++++++++++++ Dear Subscribers, After a shocking week of declines the market took a turn and confidence returned as some positive housing data came out indicating housing sales increased for July…truth is that doesn’t tell us much really! There may be discounting involved and further cutting to sell exiting inventory, so in my mind that should be taken with some caution. The major stock indices performed well with a 2.30% increase and NDX 3% but the big ticket was with the XAU jumping 7.8% that’s understandable considering it was dumped more than 10% the previous week! Commodities have been steady with oil falling from highs which has also been a little kicker for the stocks. The real question is how far is bounce going to go? Read on and we’ll see….. OUTLOOK FOR THE WEEK........ There has been definite bounce back in stocks due to the intervention of the FED and the little piece of positive news that falls out of the economic reports. I very cautious about the recent rally and skeptical of any that may last at this stage. The underlying sub-prime issue and credit problems in the US are of a real concern particularly if the FED needs to step in and fix it! The results of these markets may not fully divulge themselves for several months so I am still very cautious, fro the investing periods but this might be a great period fro short term traders wanting t play volatility. Based on my Put-Call ratio and Volatility graphs we can expect a little more volatility to follow shortly and market dips. Mining and metals may be a little better but it’s a tough market out there and I’m not getting sucked into the recent rally.as yet! The SP500 to deliver we want to see a number bigger than 1500 and Dow 13500 anything else and I would suggest stay out and wait for the market to let it show itself. The Shanghai index is truly amazing; it still marches on regardless of the outside world strains. My STL is now in warning mode so we keep a careful eye on it and “no more bets” on this one until we are certain of no other threats. Good luck. Get your full report subscribe to http://www.swingtradinglab.com/ Yahoo Members go to the site and collect your FREE introductory special.