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WILSHIRE 5000 HITS NEW RECORD -- S&P 500 WILL BE THE NEXT TO TEST ITS 2000 HIGH -- TRANSPORTATION STOCKS HELP PUSH INDUSTRIAL SPDR TO NEW RECORD -- SOX INDEX SURVIVES RETEST OF BULLISH BREAKOUT LEVEL -- QWEST JOINS VERIZON IN TELECOM BREAKOUT
by John Murphy,
Chief Technical Analyst, StockCharts.com
QWEST JOINS VERIZON BREAKOUT ... On Monday I wrote about Verizon being on the verge of breaking out to a new five-year high. It accomplished that task on Wednesday as reported by Arthur Hill. That helped keep Telecom Holders (TTH) at the top of the leader board. Another telecom stock that...
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FACTORY ORDERS POWER THE DOW -- BOEING BENEFITS FROM AIRCRAFT ORDERS -- TELECOM HOLDRS REMAIN STRONG -- VERIZON BREAKS RESISTANCE -- SPRINT NEXTEL FORMS CUP-WITH-HANDLE -- TIME WARNER HAS SECOND THOUGHTS -- SMALL CAPS STILL LAGGING
by John Murphy,
Chief Technical Analyst, StockCharts.com
FACTORY ORDERS LIFT THE DOW ... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
The commerce department reported a strong increase in factory orders today and this bullish news propelled the Dow Industrials to a new all time high. Factory orders...
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RECENT STOCK BREAKOUTS INCLUDE FORMER LAGGARDS LIKE IBM, MMM, AND KLA TENCOR -- VERIZON MAY BE NEXT -- OVERBOUGHT MARKET COULD SUCCUMB TO SOME MAY SELLING
by John Murphy,
Chief Technical Analyst, StockCharts.com
IBM IS BREAKING OUT ... IBM was one of the new Dow leaders that we showed last week. I'm coming back to it today because the Big Blue has broken through its early 2007 highs near 100 (Chart 1). The recent jump in its relative strength line shows its...
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GENERAL ELECTRIC AND MICROSOFT ARE LATEST BIG BLUE CHIPS TO START LEADING
by John Murphy,
Chief Technical Analyst, StockCharts.com
MICROSOFT GAPS UP 4% TO LEAD THE DOW AND NASDAQ... I've been writing lately about some of the market's largest blue chip stocks that are starting to attract new attention and exert upside market leadership. Today's two cases in point are General Electric and...
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MONEY MOVES TO BIGGER STOCKS IN THE DOW AND THE NASDAQ -- MMM IS DAY'S DOW LEADER AS MCDONALDS HITS NEW RECORD -- JUNIPER AND XILINX ACHIEVE BULLISH BREAKOUTS IN NASDAQ MARKET
by John Murphy,
Chief Technical Analyst, StockCharts.com
DOW LEADERSHIP IS RELATIVELY NEW ... The new popularity of the blue chip stocks in the Dow started a little over a year ago. Chart 2 plots a ratio of the Dow divided by the S&P 500. The falling ratio from 2003 through 2005 shows Dow underperformance. After rebounding...
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A LONG LOOK AT THE S&P 500 -- NYSE AD LINE CONFIRMS MARKET STRENGTH -- THE AD LINE IN MAY 2006 -- SECTOR LEADERSHIP FAVORS DEFENSE -- CONSUMER DISCRETIONARY AND FINANCE LAGGING IN 2007 -- MATERIALS AND ENERGY ARE AMONG THE LEADERS
by John Murphy,
Chief Technical Analyst, StockCharts.com
A LONG-TERM LOOK AT THE S&P 500 ... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
The S&P 500 is up over 100 points in the last eight weeks and the index is zeroing in on its...
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SOX INDEX AND SEMICONDUCTOR HOLDERS ACHIEVE BULLISH BREAKOUT -- CHIP LEADERS ARE ANALOG DEVICES, ALTERA, AND TEXAS INSTRUMENTS -- IBM IS ANOTHER BIG BLUE CHIP COMING BACK INTO FAVOR
by John Murphy,
Chief Technical Analyst, StockCharts.com
SEMICONDUCTOR BREAKOUT ... Last Wednesday, Arthur Hill showed Semiconductor Holders (SMH) on the verge of a bullish breakout. It achieved that breakout today (Chart 2). The reason for that can be seen in Chart 1 which shows the Semiconductor (SOX) Index busting out of a five-month holding pattern and trading at...
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MARKET SHUGS OFF THURSDAY'S ASIAN SELLING TO REACH NEW HIGHS -- CATERPILLAR AND HONEYWELL POWER DOW INDUSTRIALS TO NEW RECORD -- GOOGLE LIFTS THE NASDAQ INTO A TEST OF ITS 2007 HIGH
by John Murphy,
Chief Technical Analyst, StockCharts.com
ASIA RECOVERS ... Thursday's 4.5% drop in Chinese stocks caused nervous selling in other Asian markets. By the time the U.S. market opened, however, Europe had already started to recover and initial U.S. losses were modest. By day's end, the Dow had closed at...
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HEALTHCARE CONTINUES TO GET BETTER -- MORE BIOTECH AND DRUG BREAKOUTS -- AN EXPLANATION OF THE DOW COMPOSITE -- TRANSPORTS MOVE THE INDUSTRIAL SPDR
by John Murphy,
Chief Technical Analyst, StockCharts.com
PHARM HOLDERS CONTINUE NEW BUYING SURGE ... I happen to believe that one of the most valuable aspects of technical analysis is in the area of group rotation. In fact, that may be its greatest value. I know of no other technique (economic, fundamental, or quantitative) that works better in spotting...
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YAHOO! WEIGHS ON NASDAQ -- SEMICONDUCTOR HOLDRS SURGES TO RESISTANCE -- LINEAR TECH LEADS -- XILINX BREAKS RESISTANCE -- JP MORGAN POWERS FINANCE AND THE DOW -- INDUSTRIAL METALS ALSO SHOW STRENGTH
by John Murphy,
Chief Technical Analyst, StockCharts.com
NASDAQ STRUGGLES AND HOLDS GAP ... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
The Nasdaq struggled today as weakness in Yahoo! (YHOO) weighed on the index. The Nasdaq gapped into a resistance zone on Monday and then stalled the last...
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BRITISH POUND EXCEEDS $2.00 -- THAT'S GOOD FOR UK ISHARES -- RISING OIL MAY ALSO BE BOOSTING UK -- FOREIGN SHARES LEAD S&P 500 HIGHER
by John Murphy,
Chief Technical Analyst, StockCharts.com
IT NOW TAKES $2.00 TO BUY A POUND ... There's good and bad news for American travelers in Britain. The bad news is that it now takes $2.00 to buy one British Pound. The good news is that figuring out the currency conversion has become a lot...
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FALLING DOLLAR BOOSTS COMMODITIES -- AS A RESULT, BOND YIELDS EXCEED 200-DAY AVERAGE -- 2007 STOCK LEADERS SHOW TREND TOWARD INFLATION AND DEFENSIVE STOCKS AS THREAT OF STAGFLATION GROWS -- FOLLOW THE LEADERS
by John Murphy,
Chief Technical Analyst, StockCharts.com
DOLLAR INDEX HITS TWO-YEAR LOW... The threat of a slowing U.S. economy (combined with stronger foreign economies) continues to weigh on the dollar. The weekly bars in Chart 1 show that the US Dollar Index (which measures the dollar against six foreign currencies) fell this week to the lowest...
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BIOTECHS AND DRUGS PUSH HEALTHCARE SPDR TO RECORD HIGH -- MERCK LEADS BIG PHARMA IN UPSIDE BREAKOUT -- GENENTECH WEIGHS ON BIOTECH HOLDERS -- PRECIOUS METAL LEADERS
by John Murphy,
Chief Technical Analyst, StockCharts.com
HEALTHCARE SPDR BREAKS OUT ... Last Friday I wrote about new signs of life in the traditionally defensive healthcare sector. I also wrote that most of that new leadership was coming from biotechs and pharmaceuticals. Since then, healthcare has taken off. Chart 1 shows the Health Care SPDR (XLV) gapping up...
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CANADA BENEFITS FROM RISING COMMODITIES -- CANADA ISHARES ALSO BENEFIT FROM RISING CANADIAN DOLLAR -- AUSSIE DOLLAR HITS SEVENTEEN YEAR HIGH -- FALLING DOLLAR AND RISING COMMODITIES ARE BULLISH FOR COUNTRIES THAT EXPORT NATURAL RESOURCES
by John Murphy,
Chief Technical Analyst, StockCharts.com
RISING COMMODITIES BOOST CANADIAN MARKET ... Last Friday I mentioned that a falling dollar was good for foreign stocks. I also mentioned that rising commodities were especially good for commodity exporters like Australia, Canada, and Latin America. All three have been global leaders early in 2007. I'm going to...
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GAP MARKS RESISTANCE -- MIRROR IMAGE CHARTS -- VIX FIRMS AT BREAKOUT -- FINANCE SECTOR CONTINUES TO LAG -- MEASURING RELATIVE STRENGTH AND WEAKNESS -- CISCO FORMS CONSOLIDATION -- BIG PHARMACEUTICAL STOCKS SHOW STRENGTH
by John Murphy,
Chief Technical Analyst, StockCharts.com
TURNED BACK AT THE GAP... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
Stocks retreated on Wednesday with big techs leading the way lower. The Nasdaq 100 ETF (QQQQ) met resistance from the late February gap and fell around 1%...
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ENERGY SPDR HITS NEW RECORD -- BUT OIL SERVICE HOLDERS MAY BE BETTER VALUE -- GOLD INDEX NEARS BULLISH BREAKOUT -- FREEPORT MCMORAN COPPER AND GOLD HITS NEW RECORD HIGH -- WYETH AND PHARM HOLDERS BREAK RESISTANCE
by John Murphy,
Chief Technical Analyst, StockCharts.com
BOTH ETFS ACHIEVE BULLISH BREAKOUTS ... Energy stocks continue their upward climb. The Energy SPDR (XLE) broke through its December high at 62.13 to reach a new record high (Chart 1). That's not all. The XLE/SPX ratio (top of chart) has broken an eight-month down trendline (black...
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FALLING DOLLAR BOOSTS COMMODITIES AND COMMODITY EXPORTING COUNTRIES -- BOUNCE IN CHINA HELPS GLOBAL MARKETS -- BIOTECHS PUSH HEALTHCARE INTO WEEK'S TOP SPOT
by John Murphy,
Chief Technical Analyst, StockCharts.com
EURO HITS TWO-YEAR HIGH AGAINST DOLLAR... The U.S. Dollar Index fell during the week and is drawing dangerously close to last December's low (green circle). The foreign currency with the biggest influence on the USD is the Euro. Expectation for continuing economic strength in Europe -- and...
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QQQQ AND SPY HIT THE GAP -- COAL STOCKS SHINE -- CONSOL ENERGY BREAKS RESISTANCE - VOLUME PRECEDES PRICE -- GOLD JUMPS ON INFLATION OUTLOOK -- TIPS AND GOLD MOVING IN UNISON -- THQI RIDES THE WII WAVE
by John Murphy,
Chief Technical Analyst, StockCharts.com
STALLING AT THE GAP... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
The Nasdaq 100 ETF (QQQQ) and S&P 500 ETF (SPY) both reclaimed their 50-day moving averages yesterday and then edged higher today. The market was quite...
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FALLING OIL, STRONG RETAIL AND HOUSING FIGURES PUSH MARKET HIGHER -- MAJOR INDEXES CLEAR 50-DAY AVERAGES -- EBAY AND GOOGLE LEAD NASDAQ HIGHER -- A LOT OF 200-DAY AVERAGES ARE HOLDING
by John Murphy,
Chief Technical Analyst, StockCharts.com
AIRLINES, RETAIL, AND FINANCIALS LEAD RALLY ... A combination of bullish factors pushed the stock market sharply higher today. One of the those was a big drop in the price of oil. Naturally, that gave a big boost to transportation stocks and airlines in particular. Airlines rose more than 3% on...
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WEAK DOLLAR BOOSTS COMMODITIES DURING FIRST QUARTER -- USING 50-DAY AVERAGE TO FILTER BUY SIGNALS -- FOREIGN STOCKS OUTPERFORM US -- MERCK AND COKE ARE DAY'S DEFENSIVE LEADERS -- REGIONAL BANKS AND HOMEBUILDERS FALL --
by John Murphy,
Chief Technical Analyst, StockCharts.com
COMMODITIES TOP ASSET WHILE DOLLAR IS WEAKEST ... A review of the first quarter performance numbers reveals some interesting trends. Among market sectors, the strongest (in order of relative strength) were basic materials, utilities, energy, telecom, and consumer staples. The weakest were financials and housing. From an asset class standpoint, commodities...
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WEEKLY STOCK INDICATORS REMAIN NEGATIVE -- TELECOM HOLDERS ARE TOP ETF FOR THE WEEK -- MEDIMMUNE IS ANOTHER HEALTHCARE BREAKOUT -- CHINESE SANCTION WEIGH ON DOLLAR
by John Murphy,
Chief Technical Analyst, StockCharts.com
CHINESE SANCTION WEIGH ON DOLLAR AND BONDS ... A Commerce Department announcement on Friday of new sanctions on imports from China took the markets by surprise. Bonds, the dollar, and stocks took the news badly. The biggest potential losers are bonds and the dollar. The Chinese are huge holders of dollar...
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HOME DEPOT, TARGET, AND WAL MART WEAKEN RETAILERS -- SCHERING PLOUGH ACHIEVES HEALTHCARE BREAKOUT -- MAXIM INTEGRATED PRODUCTS PULLS SOX LOWER -- SCHLUMBERGER BREAKS OUT
by John Murphy,
Chief Technical Analyst, StockCharts.com
RETAIL STOCKS ARE STARTING TO UNDERPERFORM ... With all the recent bearish news on housing, combined with rising oil prices, odds for an economic slowdown have increased. Recent economic reports show that business investment has been declining for several months. That leaves the consumer to keep the economy afloat. That being...
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STOCKS GET A TRIPLE WHAMMY -- DOW HITS RESISTANCE AT 50-DAY - INFLATIONARY PRESSURES WEIGH ON BONDS -- NASDAQ HITS RESISTANCE AT GAP -- YEN CARRY-TRADE UNWINDS -- YEN ETF GAPS HIGHER -- BULLS PREFER SOMETHING SWEET
by John Murphy,
Chief Technical Analyst, StockCharts.com
HAWKS, DURABLES AND OIL RATTLE STOCKS... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
Stocks got off to a bad start this morning from rising oil prices and weaker-than-expected durable goods orders. There was a bounce around midday, but stocks...
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HOMEBUILDERS NEAR TEST OF NECKLINE IN POTENTIAL HEAD AND SHOULDERS TOPPING PATTERN
by John Murphy,
Chief Technical Analyst, StockCharts.com
LENNAR MAY BE IN FINAL STAGE OF MAJOR TOP ... More bad news from Lennar pushed homebuilders, REITs, and financial stocks lower today. Given the daily focus on the housing sector, this is as good a time as any to take a longer-term look at at the group. Unfortunately, the longer-range...
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WEAK HOUSING DATA WEIGHS ON REITS AND HOMEBUILDERS -- FALLING RATES HURT DOLLAR AND HELP COMMODITIES -- AAPLE AND EBAY KEEP NASDAQ OVER ITS 50-DAY LINE -- ABBOTT LABS AND GOODYEAR TIRE & RUBBER LEAD S&P 500 HIGHER
by John Murphy,
Chief Technical Analyst, StockCharts.com
HOMEBUILDERS WEAKEN ... Anything tied to housing or real estate was sold today. The reason is the report that new home sales fell "unexpectedly" in February by 3.9% to the lowest level in nearly seven years. At the same time, inventories rose 1.6% to the highest level...
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TELECOM HOLDERS CONTINUE TO OUTPERFORM -- VERIZON NEARS BULLISH BREAKOUT-- MORE CONSUMER STAPLE LEADERS -- ESTEE LAUDER ACHIEVES MAJOR BULLISH BREAKOUT
by John Murphy,
Chief Technical Analyst, StockCharts.com
TELECOM HOLDERS REVISITED ... A review of market sectors over the last month shows a decided preference for defensive stocks. The four top sectors over the last month have been energy (+4.4%), utilities (+3.5%), telecom (2.8%), and consumer staples (-.08%). [Although consumer staples lost ground, they did...
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MORE ENERGY BREAKOUTS -- KIMBERLY CLARK IS ANOTHER STAPLE LEADER -- MOTOROLA GOES FROM MARKET LEADER TO LAGGARD -- YESTERDAY'S RALLY SHIFTS MARKET INTO A MORE NEUTRAL MODE
by John Murphy,
Chief Technical Analyst, StockCharts.com
ENERGY SPDR HITS NEW 2007 HIGH ... I've recently highlighted new strength in the oil service sector. With crude oil trading back over $61 today (and gasoline inventories dropping for the sixth consecutive week), money continues to flow into the energy sector. Chart 1 shows the Energy SPDR (XLE)...
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STOCKS REACT POSITIVELY TO THE FED -- DIA CONFIRMS HAMMER - FINANCE LEADS THE WAY -- BONDS RECOVER AFTER FED ANNOUNCEMENT -- US DOLLAR INDEX DECLINES -- GOLD ADVANCES FOR SIXTH STRAIGHT DAY -- CAT IS BACK
by John Murphy,
Chief Technical Analyst, StockCharts.com
STOCKS SURGE AFTER FED ANNOUNCEMENT... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
The Federal Open Market Committee (FOMC) kept the fed-funds rate unchanged and stocks greeted the news with a big advance. The policy statement noted that there were...
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SHORT-TERM MARKET TREND CONTINUES TO IMPROVE, BUT ON LIGHT VOLUME -- MARKET ON FED WATCH -- JUNIPER AND ORACLE BOUNCE OFF 200-DAY AVERAGES -- HOUSING INDEX IS TESTING ITS 200-DAY LINE -- KROGER REACHES NEW SEVEN YEAR HIGH
by John Murphy,
Chief Technical Analyst, StockCharts.com
MARKET ON FED WATCH ... It's doubtful that the Fed will take any action on interest rates tomorrow. Some are hoping, however, for a change in the wording of its statement. Over the past few months, the Fed has expressed more concern about the elevated inflation rate and less...
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OIL SERVICE STOCKS LEAD STRONG ENERGY COMPLEX -- MORE OIH LEADERS ARE BREAKING OUT -- GASOLINE IS GETTING MORE EXPENSIVE -- FINANCIALS MAKE STAND AT 200-DAY AVERAGE -- SO DOES MICROSOFT
by John Murphy,
Chief Technical Analyst, StockCharts.com
OIL SERVICE HOLDERS SHOW NEW LEADERSHIP ... After nearly a year of underperformance, oil service stocks are starting to show new market leadership. The Oil Service Holders (OIH) are up more than 3% today and are the day's strongest ETF. [Energy is the day's strongest sector]. Chart...
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SOME CONSUMER STAPLE AND ENERGY LEADERS -- HOW TO BENEFIT FROM FALLING DOLLAR -- FINANCIALS TEST LONG-TERM SUPPORT -- P&F TRENDS ARE STILL DOWN
by John Murphy,
Chief Technical Analyst, StockCharts.com
CONSUMER STAPLES DOING RELATIVELY WELL... Last Friday I wrote about new signs of relative strength in the consumer staples sector. When I refer to relative strength, I mean how a group is doing relative to the S&P 500. That doesn't necessarily mean that a group is...
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GOLD IS TESTING SUPPORT LINE, BUT IS STILL BEING EFFECTED BY THE YEN -- RISING COPPER BOOSTS FREEPORT MCMORAN COPPER & GOLD
by John Murphy,
Chief Technical Analyst, StockCharts.com
GOLD STILL TESTING SUPPORT LINE ... I got an unusually large number of questions on the gold market. Actually, very little has changed since the last time we looked at it. Chart 1 shows the streetTracks Gold Trust Shares (GLD) still testing an uptrend line drawn under its October/January lows....
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NASDAQ TESTS EARLY MARCH LOW - RUSSELL 2000 RECOVERS AFTER SUPPORT BREAK - QUALCOM GAPS HIGHER- APPLE SHOWS RELATIVE STRENGTH - ORACLE CAUGHT IN MOVING AVERAGE SANDWICH - ENERGY ETF'S SURGE ON GOOD VOLUME -- SCHLUMBER FORMS P&F TRIPLE TOP
by John Murphy,
Chief Technical Analyst, StockCharts.com
TESTING THE EARLY MARCH LOWS... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
The major indices moved lower in early trading, but recovered in the afternoon and closed strong. Tuesday's decline marked a test of the early March...
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REPLAY OF LATE FEBRUARY -- BANKS, BROKERS, AND HOMEBUILDERS LEAD STOCK SELLOFF ON SUBPRIME CONCERNS -- MARKET MAY BE STARTING SECOND DOWNLEG AS VOLATILITY SURGES
by John Murphy,
Chief Technical Analyst, StockCharts.com
MORE OF THE SAME ... I posted a market message earlier today to the effect that the same global intermarket problems that started exactly two weeks ago are re-surfacing. The sequence includes falling Chinese stocks, falling emerging markets, falling global stocks, a flight to safety into Treasury bonds, buying of Japanese...
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BANKS AND BROKERS PULL MARKET LOWER AS MORTGAGE CONCERNS GROW -- HOMEBUILDERS ARE ALSO FALLING HARD -- SHORT TERM MARKET BOUNCE APPEARS TO HAVE ENDED
by John Murphy,
Chief Technical Analyst, StockCharts.com
SUBPRIME MORTAGE CONCERNS SPREAD ... To no one's surprise outside of Wall Street (and the Fed), subprime mortgage concerns continue to spread to financial shares and the rest of the market. Brokers are down more than 3% today and are threatening their 200-day average (Chart 1). Another downleg in...
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CONSUMER STAPLE LEADERS INCLUDE COORS, HERSHEY, AND KELLOGG -- WHY CONSUMER STAPLE LEADERSHIP ISN'T A GOOD SIGN FOR THE MARKET
by John Murphy,
Chief Technical Analyst, StockCharts.com
CONSUMER STAPLES ARE HOLDING UP RELATIVELY WELL ... One of the well-known market maxims is that consumer staples generally hold up better than the rest of the market in a market downturn. That has certainly been the case recently. Not the consumer staples haven't lost money over the last...
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MARKET CONTINUES LOW-VOLUME BOUNCE -- EMERGING MARKET ISHARES BOUNCE TO 50-DAY LINE -- THAT'S AN IMPORTANT TEST OF RALLY'S STRENGTH
by John Murphy,
Chief Technical Analyst, StockCharts.com
NOT A VERY IMPRESSIVE BOUNCE ... The market continued its low-volume bounce today. Light volume during a price bounce betrays a lack of bullish enthusiasm and doesn't inspire much confidence that the current bounce is anything more than a reflex rally from an oversold condition. The market also remains...
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STOCKS CLOSE WEAK -- NASDAQ STAYS OVERSOLD -- ENERGY STOCKS SHOW SOME STRENGTH -- CONOCOPHILIPS AND BJ SERVICES LEAD -- SURGE IN OIL FUELS ENERGY GROUP -- AIRLINES GROUNDED WITH RISING OIL PRICES
by John Murphy,
Chief Technical Analyst, StockCharts.com
LATE SELLING PUSHES STOCKS LOWER... Today's Market Message was written by Arthur Hill. John Murphy will be back tomorrow. - Editor
A wave of selling pressure hit the market this afternoon and the major indices closed lower. Even though the declines were modest, the inability to hold gains...
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NYSE BULLISH PERCENT INDEX TURNS DOWN -- SO DOES SHORT-TERM MOVING AVERAGE SYSTEM -- MARKET STARTS OVERSOLD BOUNCE -- COMPARING DAILY AND WEEKLY SIGNALS FOR GUIDANCE
by John Murphy,
Chief Technical Analyst, StockCharts.com
NYSE BULLISH % INDEX TURNS DOWN ... One of our readers asked for an update on the NYSE Bullish Percent Index. The BPI represents the number of stocks in an index that are on point & figure buy signals. Readings over 70 are considered overbought. Drops below 70 are usually associated with...
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MORTGAGE CONCERNS CONTINUE TO PLAGUE MARKET -- BROKERS AND REITS LEAD DECLINE -- RISING YEN HELPS EXPLAIN GOLD DROP -- DOW AND S&P 500 ARE HEADED TOWARD 200-DAY AVERAGES
by John Murphy,
Chief Technical Analyst, StockCharts.com
MORTAGE SITUATION WORSENS... Since the market meltdown started last week, the economic community (aided by a willing TV media) keeps telling us that the subprime mortage problems are relatively limited and shouldn't impact on the economy or the stock market. And each day everything tied to housing and...
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