Another negative week in the markets as the selling continues. Stocks gave back most of the gains that were achieved with the two recent interest rate cut announcements!
Cisco shares fell after their earnings announcement.
Oil prices recovered and is back over $90 per barrel again.
Gold also closed higher around $923 on Friday.
Commodity prices continue to rise -see my Commodity Blog for details.
The US Dollar regained some strength as the Euro and British Pound lost ground. We could see the Dollar continue to move up in the near term.
Next week the market could move anywhere! It is in one of those unpredictable areas again. If it breaks down below the mid-January lows, we could continue to see more selling pressure. On the other hand, that level might provide good support for a short term rally. Also note that this is an Option expiration week.
News Stories:
World equity markets lose $5.2 trillion in January
Global Economy Faces `Persisting' Risks, Paulson Says
The Fed isn't fooling anyone
Ambac and MBIA: Bonds, Jane's Bonds
Bush's proposed $3 trillion budget is biggest
Yahoo board to spurn $44B Microsoft bid
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.
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- 123Trader
- I've been trading stocks on-line since 1993. I started off like most people knowing very little about the market, but I have since traded Stocks, ETFs, Options, Forex, Futures and Commodities. I now mostly trade Options. I primarily use charts to analyze price movements, but I avoid using a lot of technical indicators. My primary indicators are Trendlines, Support & Resistance, and sometimes MACD extremes and Volume. I may hold positions anywhere from a few days to weeks, or months, as long as the trade continues in the right direction. Happy trading to all!
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