Monday, August 30, 2010

USO (Daily) Nice Bounce Off The Median Line

Bear Hat
  • Got A Very Nice Bounce
  • Break Below Median Line = Trouble For Oil
  • Oil Goes Down SP-500 Will Be Right There Too

XHB (Daily) Still In The Dog House

Bear Hat

  • XHB Needs To Close Above  14.70 To Give The Bulls Hope
  • Break Below 13.50 Would Be Very Bearish

SP-500 (Weekly) 8-30

Bear Hat
  • SP-500 Breaking Down Fast
  • Close Above 1075 Would Give The Bulls Some Room
  • Close Below 1040 Would Bring The Bears Out
  • 968 Target Still In Play
  • Will All Come Down To Fridays Job Report

What To Watch Week of 8-30-2010

  • Consumer Confidence Aug 31 at 10:00am
    • Briefing Forecast 49.5
    • Market Expects 50.0
  • ISM Index Sep 1st at 10:00am
    • Briefing Forecast 53.0
    • Market Expects 52.9
    • Looking For A Miss Here and a Number Closer to 51
  • Unemployment Rate Sep 3 at 8:30
    • Briefing Forecast 9.6
    • Market Expects 9.6
    • Looking For A Miss Here
    • Watch For 9.7 or Higher, Unless more people leave the work force