Thursday, January 22, 2009

Thursday Morning Update

S&P's are down 10 points after more bad economic data just released.   Jobless claims and housing starts weaker than expected, again.  However, yesterday's late rally was big enough to help the charts somewhat.  I would expect support in the mid teens early this morning and if it holds, as the day wears on, maybe we build on yesterday's move.  If it breaks through there, then it is all negative technically.

The dollar is down but well off its lows.  

March crude looks similar to the sp's with 42.20 analogous to 815.  Gold has been quiet and range bound.  

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