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Monday, June 23, 2008

Markets at Support - Oil Up, Financials Down

The DJIA and S&P are sitting near Friday's low. The Nasdaq has already slipped below Friday's low of 2,394.26. The Russell is still slightly above Friday's low. This is a significant support area, if broken, should allow the indices to fall to their next support level. This would obviously be a good thing for down trending trades. Stay focused as market action bounces between support and the R1 resistance on Friday's large black candle. Oil is up $1.04 at $136.40. Energy ETF XLE and USO are higher. Coal ETF KOL and stocks, BTU, MEE and CNX are also higher. Financial ETF XLF is lower as well as financial stocks GS, LEH, MER and MS. The FOMC will make their announcement Wednessday 2:15 pm ET. FSLR bull flag support bounce is still holding. Watchlist Mid-day Action Moving Up: FSLR, CLF, X, SCHN, MEE, SHOHYU, IPI, BTU, AGU, FWLT, USO, POT, CNX, DECK, IBM Moving Down: GS, BIDU, DRYS, AAPL, MOS, V, STRA, MER, MS, MTL, LEH, RIMM
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3 comments:

  1. AnonymousJune 23, 2008 at 1:11 PM

    Dave,

    What is the term R1 that you used in this and previous post? I'm not familiar with it and can't find much about it.

    Thanks!

    Tom Culp

    ReplyDelete
  2. Dave JohnsonJune 23, 2008 at 4:14 PM

    Tom,
    It is the mid-section of a large black candle.
    Dave

    ReplyDelete
  3. AnonymousJune 23, 2008 at 5:25 PM

    Dave,

    Thanks so much! I really appreciate your spirit and helpfulness.

    Tom

    ReplyDelete