February 20, 2008
What the market did yesterday, today was the exact opposite of. We opened down with the indices staring at near 1% losses to start things off. Inflation was creeping up on the economy, and worrying Bernanke and Co. as stated in the Fed minutes that were released today. However, the computer buy programs that kicked in were sudden and obvious but were able to turn the market around and carry it to the finish with impressive gains.
Oil and gold both hit record highs today, and the reality of $100 oil is sinking in. Gold also now looks bound to hit $1000/ounce with its recent breakout. The way to handle this is to not fight the trend but to join it, and that is exactly what we plan on doing.
Let’s review the charts…
NASDAQ received a much needed relief rally after the action of the past few days and the manner in which it opened up this morning. However, we continue to be pessimistic about any rally, and believe that they will likely be short lived.
CLICK HERE FOR THE NASDAQ CHART
S&P, likewise, did well today as it managed to close strong, but failed yet again to close above the upper channel line as seen in the chart below. Feelings on Wall Street are distrusting of today’s gains and readily expect the bears to pounce on this rally.
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