Join        Login             Stock Quote

Resistance is (for now) Support

 May 05, 2008 01:42 PM

After clearing the bogey at S&P 1405 at last in the previous week, the index has now pulled back to that level and for now bounced off it... hence old "resistance" now becomes new "support". It will be interesting to see if this holds but I expect it to do so for now.

Some other thoughts
  1. As I've said in the weekly round up, the "strong dollar" fantasies have usually lasted 5-10 days or so... it was nearing midnight. With crude north of $120 and the dollar returning to its rightful place as the junk of the world, we might be done already. This happens like clockwork now almost every 6-8 weeks. As I wrote in detail last week, the fundamental issues facing our country do not allow for a stronger dollar... we continue massive deficit spending and we print money like mad to solve our problems. This is not a recipe for good, and Warren B agrees. All dollar rallies, while some might last days, some weeks, and some months - will be temporary. We are on a long term course of pathetic... and our only "hope" is Europe joins us in purgatory and starts cutting rate. But that's not exactly a bullish call on the US
  2. Apple (AAPL) got 2 upgrades today - its a slow day and I don't normally report the upgrades/downgrades because they are relatively meaningless to me... but if you are interested here is some meat (this is one great chart by the way, looks like its headed to $200 if the market does not sell off) - Apple shares rose modestly Monday after an American Technology Research analyst raised his rating to "Buy" and an RBC Capital Markets analyst increased his price target for the computer and gadget maker's stock. In his Monday note, Wu said he still sees a "potential product vacuum and drawdown in inventory in the June quarter" but thinks this is fairly known and that investors will be more focused on products launching in the second half of the year. "We see upside potential to iPhone estimates following changes, in our opinion, Apple may make to its iPhone business model, expected to accelerate momentum and expand its global addressable market," he said.
  3. Speaking of Apple, the cover story of BusinessWeek is a theme I've been promoting since the blog began (BW: The Mac in the Gray Flannel Suit) ... as an entire generation of kids, teenagers, and 20somethings enter the workforce, we could see a seismic shift to Macs in our corporate environment. This won't happen easy (the incumbent gorilla won't give up) and it won't happen overnight but would be the type of thing that would simply be enormous.

Next Page >>12


Comments Closed

rss feed

Latest Stories

article imageHas Warren Buffett Found The Best Investment In Oil?

Shares of oil stocks plunged again as the price of West Texas Intermediate wiped out nearly half of its read on...

article imageDemand For Safe-Haven Bonds Surged Last Week

The crowd piled into investment-grade bonds last week as economic worries triggered an exodus out of risky read on...

article imageThoughts on MetLife and AIG

In some ways, this is a boring time in insurance investing.  A lot of companies seem cheap on a book and/or read on...

article imageA 2016 Recession Would Be Different

If the US or the Eurozone entered a recession this year, a few macroeconomic variables would look very read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.