Quiet Day Heading into Holiday Weekend

February 15, 2008

A mixed day for the indices as investors seemed disinterested in giving the markets any notice ahead of a three-day weekend. With that being said, the markets received a batch of negative economic reports in regards to manufacturing, consumer confidence and import prices. Heading into next week, you have to hope we don’t start the week the same way we did last month coming off of the MLK holiday, and for that reason it seemed as if investors were a bit tentative committing any of their capital ahead of the long weekend. We will need to see a reversal in investor sentiment next week, as the technicals on the indices continued to worsen as the week wore on, and talk of the ‘R’ word crept back into conversations.

Overall, a flat week and we have some damage to repair on the charts if we are going to turn this ship around.

Let’s review the charts…

NASDAQ traded down for most of the day, before a half-hearted rally towards the close helped matters out. We are still coming off of overbought conditions and will likely feel some of the same selling pressures again next week that we have been seeing the past couple of days.

CLICK HERE FOR THE NASDAQ CHART

The S&P was the only index that managed to finish in the green, albeit just barely. Even so, investors will be happy with the result heading into next week. Whether the index can hold the lows from earlier this month, will provide us a great opportunity to see where this market might be heading.

CLICK HERE FOR THE S&P CHART

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